二十一首資本將比特幣國庫推向了競爭對手邁克爾·賽勒的策略

二十一首首都是一家由罷工創始人傑克·馬洛爾（Jack Mallers）領導的新的比特幣財政部公司，在Tether，Softbank和Cantor Fitzgerald的支持下，正在尋求取代

Twenty One Capital, a new treasury company backed by Tether, SoftBank and Cantor Fitzgerald, is planning to launch with 42,000 Bitcoin (BTC) and is aiming to supplant Michael Saylor’s Strategy (NYSE:STR) as the “superior vehicle for investors seeking capital-efficient Bitcoin exposure.”

由Tether，Softbank和Cantor Fitzgerald支持的一家新的財政公司Twes Anc Capital計劃與42,000個比特幣（BTC）一起推出，並旨在取代Michael Saylor的戰略（NYSE：STR），這是“尋求資本量的投資者的優勢工具，以實現資本量的投資者。”

It will be launching with around 23,950 BTC from Tether, 10,500 BTC from Softbank and 7,000 BTC from Bitfinex, which will be converted into equity at $10 per share, according to an April 23 statement.

根據4月23日的一份聲明，它將以Tether的大約23,950 BTC，來自軟銀的10,500 BTC和Bitfinex的7,000 BTC推出，該聲明將以每股10美元的價格轉換為股權。

The firm is planning to go public via a blank-check merger with Cantor Equity Partners (NYSE:CEP) and will trade under the ticker XXI on the Nasdaq. It is also planning to raise $585 million from investors through convertible bonds and equity financing.

該公司計劃通過與Cantor Equity Partners（NYSE：CEP）進行空白的合併合併，並將在NASDAQ上的股票XXI下進行交易。它還計劃通過可轉換債券和股權融資向投資者籌集5.85億美元。

“Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time. We’re not here to beat the market, we’re here to build a new one,” said Jack Mallers, the founder and CEO of Bitcoin payments-focused firm Strike and the new CEO of Twenty One.

“我們的使命很簡單：成為比特幣中最成功的公司，這是我們時代最寶貴的財務機會。我們不是在這裡擊敗市場，我們在這裡建立一個新的公司，”以比特幣付款公司罷工和二十一名首席執行官的創始人兼首席執行官傑克·馬洛爾（Jack Mallers）說。

In an investor presentation to the US Securities and Exchange Commission, Twenty One compared its business model to Strategy’s, claiming it is potentially a “superior vehicle for investors.”

在向美國證券交易委員會的投資者介紹中，二十一家將其業務模式與戰略進行了比較，聲稱它可能是“投資者的優越工具”。

It claimed that Strategy’s ability to create shareholder value through future Bitcoin purchases will be limited because the firm — which holds 534,741 BTC — would need to make even larger investments to increase its Bitcoin Per Share, or BPS, thus diminishing the per-share dollar impact of future capital deployments.

它聲稱戰略通過未來的比特幣購買創造股東價值的能力將受到限制，因為該公司（擁有534,741 BTC的公司）將需要進行更大的投資，以增加其每股比特幣或BPS，從而減少對未來資本部署的每股美元影響。

“As Star performs future capital deployments to buy additional Bitcoin, the incremental BPS impact of each dollar of capital deployed will diminish with each round of capital. This is because to achieve each 1.0x increment in BPS, Star will need to invest roughly $2.0 billion to $2.5 billion.”

“隨著Star執行未來的資本部署來購買額外的比特幣，每一輪資本都會減少每筆資本的增量BPS的影響。這是因為要實現BPS的每次1.0倍增長，Star將需要投資約200億美元至25億美元。”

Instead, Twenty One highlighted its ability to perform follow-on offerings at a cost of $5.0 to $7.5 billion to raise capital for future Bitcoin purchases.

取而代之的是，二十一項強調了其執行後續產品的能力，其成本為5.0至75億美元，以籌集未來比特幣購買的資本。

It added that Strategy investors would be taxed on any capital gains realized on their shares at rates of 20% to 23.8%, while investors in Twenty One would pay a lower rate of 15% on any capital gains realized from the sale of its shares or convertible bonds.

它補充說，戰略投資者將以20％至23.8％的股份對其股票實現的任何資本收益徵稅，而二十一位投資者將對從出售其股份或可兌換債券的任何資本收益中支付15％的稅率。

Further, it stated that Strategy investors are limited in their ability to diversify their holdings due to the small size of other publicly-listed Bitcoin companies.

此外，它指出，由於其他公開上市的比特幣公司的規模很小，戰略投資者的持股能力有限。

But Twenty One said it would be a more “pure play” for investors seeking Bitcoin exposure with Bitcoin-native operations and more “flexibility” for strategic capital raises.

但是二十一表示，對於尋求比特幣本地操作的比特幣敞口的投資者來說，這將是一個更“純粹的遊戲”，對於戰略資本籌集而言，這將是一個更加“靈活性”。

A launch of 42,000 Bitcoin would make Twenty One the third-largest corporate Bitcoin holder, putting it behind only Strategy and Bitcoin mining firm MARA Holdings (NASDAQ:MARA), which holds 47,600 BTC, according to BitcoinTreasuries.NET data.

根據BitCointReasuries.net Data的數據，二十,000個比特幣將使二十一名成為第三大公司比特幣持有人，將其置於策略和比特幣採礦公司Mara Holdings（NASDAQ：MARA）之後，該公司擁有47,600 BTC。

Twenty One also plans to do more than just stack Bitcoin. The firm also intends to build out several Bitcoin-focused offerings, including Bitcoin debt and equity products, an advisory service, a lending platform and an educational platform.

二十一個還計劃做更多的事情，而不僅僅是堆疊比特幣。該公司還打算建立幾個以比特幣為中心的產品，包括比特幣債務和股票產品，諮詢服務，貸款平台和一個教育平台。

“Twenty One’s mission will be to accelerate Bitcoin adoption and Bitcoin literacy at both institutional and retail levels,” the firm said.

該公司說：“二十一個任務將是在機構和零售水平上加速比特幣採用和比特幣素養。”

It will also partner with industry players to host Bitcoin conferences.

它還將與行業參與者合作，舉辦比特幣會議。

The news sparked a massive 54.2% price rally in Cantor Equity Partners (NYSE:CEP) shares to $16.50 on April 23 and has risen another 25.1% in after-hours, Google Finance data shows. CEP will convert to XXI once the $585 million agreement is completed.

Google Finance數據顯示，這一消息在Cantor Equity Partners（NYSE：CEP）的股票上引發了54.2％的價格集會，4月23日至16.50美元，在下班後又增加了25.1％。達成5.85億美元的協議完成後，CEP將轉換為XXI。

The venture strengthens Tether’s ties with Cantor, which manages the US Treasury reserves backing Tether’s USDT, which boasts a market cap of $145.3 billion. Cantor also owns a 5% stake in the stablecoin issuer.

該合資企業加強了與Cantor的Tether聯繫，該公司管理著美國財政部的支持Tether的USDT，該公司的市值為1453億美元。 Cantor還擁有Stablecoin發行人5％的股份。

Twenty One will be majority-owned by Tether and crypto exchange Bitfinex, while Japanese investment holding firm SoftBank will own a “significant” minority share.

Tether和Crypto Exchange Bitfinex將二十一人擁有多數，而日本投資持有公司Softbank將擁有“重要”的少數股份。