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Home > Unchained > Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? - Ep. 824


	Podcast:		Unchained
	Episode:		Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? - Ep. 824
	Category:		Society & Culture
	Duration:		00:49:08
	Publish Date:		2025-04-25 13:00:00
	Description:		A new company called Twenty One is making waves—with a launch strategy that echoes Strategy (formerly MicroStrategy), a cap table that includes Tether, SoftBank, and Cantor Fitzgerald, and a plan to acquire more Bitcoin than anyone else. They’re starting with 42,000 BTC, worth nearly $4 billion, and they’ve hinted they’ll use convertible debt, equity raises, and other market mechanics to buy more. But is this just a smarter MicroStrategy? Or a recipe for financial reflexivity gone wrong? In this episode, Matthew Sigel, head of digital assets research at VanEck, digs into: How the strategy works and why it could break What happens if the stock trades below NAV Why timing the market may be a feature, not a bug And whether this signals a new phase in corporate Bitcoin exposure Sigel also shares a bold idea for “BIT Bonds” that could let the U.S. Treasury issue Bitcoin-linked government debt. Could it work? Plus, Unchained regulatory reporter Veronica Irwin talks about her scoop that we might see a crypto market structure bill as early as this week. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitkey: Use code UNCHAINED for 20% off FalconX Mantle Guest Matthew Sigel, Head of Digital Assets Research at VanEck Links Unchained: Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners The Block: Strike founder Jack Mallers to lead Tether-backed multi-billion bitcoin buying venture, Twenty One Capital Ryan Watkins’ post on X Jeff Park’s post on X Timestamps: 0:00 Introduction 4:59 How Twenty One plans to buy more bitcoin than anyone else ️ 7:23 The key risks behind the reflexive BTC acquisition strategy 12:38 Why more companies are copying the MicroStrategy playbook 16:17 Jack Mallers’ role and why the CFO matters even more here 17:55 Could one bad move blow these companies up? 22:28 The types of investors this model attracts ⏳ 25:40 Did Twenty One launch at the worst possible time?
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