Blockware Intelligence Newsletter: Week 173
Blockware Intelligence Newsletter: Week 173Bitcoin on-chain analysis, mining analysis, macro analysis; overview of 4/18/25 – 4/25/25
Billionaire-Backed Bitcoin Treasury Company: Twenty One Out of nowhere, a new competitor to MicroStrategy hit the market this week and it has made a splash already. Twenty One, currently trading under the ticker $CEP (but soon to be $XXI), is going live through a Special Purpose Acquisition Corp (SPAC) and it is backed by some major players:
This combination of partners makes Twenty One arguably the Bitcoin company with the largest institutional backing. Tether is a free-cashflow machine with deep ties across the Bitcoin industry. Cantor & SoftBank are as TradFi as TradFi gets; each with hundreds of billions of dollars under management. And Jack Mallers is one of the most trusted and knowledgeable entrepreneurs in Bitcoin; the perfect figurehead to lead such an operation.
The goal of Twenty One is simple: increase Bitcoin per Share. Twenty One will utilize their combined relationships and resources to tap the capital markets in efficient ways – likely creating products similar to Strategie’s convertible bonds, preferred stock, etc. – to increase Bitcoin per Share for their common stock holders. Since the announcement the stock has more than tripled in value. Should you purchase Twenty One instead of BTC or $MSTR…
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