News emerged this week that Cantor Fitzgerald, Tether and Bitfinex are launching a purported MSTR challenger called “Twenty One”, billing itself as “The Institutional Standard for Bitcoin”
They will launch with 43,000 BTC treasury via a SPAC which is currently trading under symbol “CEP” but will change to “XXI” after trading today.
CEP has gone vertical since yesterday when the news first emerged (I was traveling back from Texas at the time).
This may not be the greatest entry point – especially given BTC’s recent surge from $84K to ~ $94K – if we continue up from here, we just want to be on board. If it drops we can take a better average position.
At this point I’ve done very little analysis on it, other than it’s trading at about $30/share today and has $11/share in BTC on the balance sheet.
But with Jack Mallers as CEO, and early investor deck presentations billing it as a Bitcoin payments play – given that Mallers also runs Strike, I think there is a good chance XXI gets to where we’ve been positing (hoping) MSTR gets to: as a Bitcoin bank / payments rails for lightning and Bitcoin.
We are also maxed out in our allocations on the portfolio – and I don’t really want to cut from anybody to make room, I just added some now and we’ll figure out our allocation relative to everything else after I get some time to look at it closer.
Pick some up today if you can, but don’t blow your brains out.
That’s it for now.
