Launch of Twenty One Capital
Twenty One Capital is a new company that loves Bitcoin and plans to focus on it for its investing. The CEO will be Jack Mallers, from payment processor Strike and its backed by huge companies like Tether, SoftBank, and Cantor Fitzgerald. They’re starting with 42,000 Bitcoins, worth about $3.9 billion, making them one of the top Bitcoin-owning companies behind Strategy and MARA.
They plan to go public on the Nasdaq under the ticker “XXI.” With $585 million raised to buy even more Bitcoin and run the business. The goal is to acquire as much Bitcoin as possible for their investors and create new Bitcoin-based financial products, like loans and investment tools. They also plan to make videos and content to teach people about Bitcoin. Twenty One Capital is aiming to be better than Strategy by being more flexible and efficient since it will do nothing but actives related to Bitcoin vs Strategy that provides business intelligence and analytics software.
SOL Strategies Raise $500 Million to Buy More SOL
The Toronto listed firm, SOL Strategies announced a convertible note offering of $500 million to enhance it's Solana investments. The capital is planned to be used exclusively to purchase more SOL tokens and expand its blockchain validator operations. This marks the largest financing facility of it's kind on the Solana ecosystem and the first ever that will be tied to stacking. As SOL Strategies currently stakes its SOL holding in order to generate additional assets. The company is exploring ways to move to the Nasdaq stock exchange in the US to increase its visibility and access more investors. SOL Strategies is following the playbook of Strategy but instead of Bitcoin doing it with Solana. Over the last 3 days the stock has shot up 50% as investors show their support of this approach.
Bitcoin Reserves on Exchanges Tightening
Bitcoin reserves have been dropping and now have reached their lowest levels since Nov 2018. Most of the reduction has been largely attributed to pubic companies and countries acquiring BTC. This trend is expected to continue to grow in the near future as more and more companies start to add BTC to their treasuries. The biggest questions is how these low reserves impact Bitcoin price with demand rising and less BTC available, with any sudden demand shift in the market Bitcoin price and easily back over 100K in no time.
Quick Hits
- Strike to launch Bitcoin-backing lending "within days"
- Banks are now free to begin supporting Bitcoin after Fed withdraws guidance.
- Last several days the Bitcoin ETFs have purchased close to $3 billion BTC.
- Panama City signs bank deal to officially accept Bitcoin payments.
- Arizona crypto reserve bill looking for final vote next week.
- Ark Investments raises its bull case for Bitcoin price to $2.4 million by 2030 due to government and corporate buying.
