软银支持的比特币投资公司Twes One是与Michael Saylor策略（MSTR）的竞争对手

迈克尔·塞勒（Michael Saylor）的比特币购买策略既有信徒和怀疑论者。但是一个新的竞争对手刚刚出现，已经持有近40亿美元的BTC

In the ever-evolving cryptocurrency landscape, the emergence of new players and the evolving dynamics between them are closely followed by market participants. A new rival has emerged, presenting an interesting twist on an existing bitcoin buying strategy that had both believers and skeptics.

在不断发展的加密货币景观中，新参与者的出现以及他们之间不断发展的动态受到市场参与者的紧随其后。出现了一个新的竞争对手，对现有的比特币购买策略提出了一个有趣的转折，该策略既有信徒又怀疑。

When SoftBank , Tether and Cantor Fitzgerald unveiled plans to launch a new bitcoin investment company called Twenty One, structured explicitly around holding bitcoin as its primary business, many called it a significant rival to Saylor’s Strategy (MSTR). Its day-one bitcoin balance sheet holding would rank it as the third-largest publicly held bitcoin treasury on day one.

当SoftBank，Tether和Cantor Fitzgerald宣布计划成立一家名为Two的新比特币投资公司的计划时，围绕将比特币作为其主要业务明确结构化，许多人称这是Saylor策略（MSTR）的重要竞争对手。它的一日比特币资产负债表持有将其排名为第一天的第三大公共比特币财政部。

In traditional finance, one could argue that such a big competition could hamper a dominant company’s market share and capital raise opportunities, especially since Twenty One is already potentially launching with over 42,000 BTC at launch (worth nearly $4 billion at spot price).

在传统的金融中，人们可能会说，如此大的竞争可能会阻碍占主导地位的公司的市场份额并提高资本机会，尤其是因为二十一台已经有可能在发射时推出了超过42,000 BTC（以现货价格价值近40亿美元）。

However, TD Cowen analysts Lance Vitanza and Jonnathan Navarrete see it as the exact opposite: “The proposed launch of Twenty One reflects the most-meaningful validation of Strategy’s bitcoin treasury operations to date,” leaving the analysts “incrementally bullish” on the stock.

但是，TD Cowen分析师Lance Vitanza和Jonnathan Navarrete认为这是完全相反的：“拟议的二十一名拟议推出反映了迄今为止策略的比特币国库业务最大的验证，”分析师对股票进行了“增量看涨”。

The analysts added that the new rival could even convert MSTR’s biggest skeptics, institutional investors, into believers in Saylor’s bitcoin buying strategy. The move would also increase demand for bitcoin from a high-profile entrant, which could outweigh any pressure on Strategy’s cost of capital and attract more capital into buying bitcoin.

分析师补充说，新的竞争对手甚至可以将MSTR的最大持怀疑态度（机构投资者）转变为信徒，以信奉Saylor的比特币购买策略。此举还将增加对比特币的需求，这可能会超过对战略资本成本的压力，并吸引更多资金购买比特币。

“Certainly this is what Michael Saylor professes to believe,” the analysts wrote, pointing to the Strategy founder’s long-standing push for more companies to adopt similar strategies.

分析师写道：“当然，这是迈克尔·塞勒（Michael Saylor）所相信的。”该战略创始人长期以来一直在推动更多公司采用类似的策略。

TD Cowen maintained its $550 price target for MSTR and projects the company could hold 757,000 BTC by the end of fiscal year 2027 — about 3.6% of bitcoin’s total supply. The analysts said that if bitcoin hits an average price of $170,000 by then, TD Cowen estimates that stash could be worth $129 billion.

TD Cowen在2027财政年度结束时保持了MSTR的550美元目标目标，该公司可以持有757,000 BTC，约占比特币总供应量的3.6％。分析师说，如果比特币在当时的平均价格达到170,000美元，TD Cowen估计，藏匿处可能价值1,290亿美元。

The bullish impact of this rivalry is already prominent in the market. The shares of Cantor Equity Partners (CEP), Twenty One's SPAC vehicle, have already climbed as much as 130% since the announcement, while MSTR stocks held strong.

这种竞争的看涨影响已经在市场上显着。自宣布以来，二十一辆SPAC车辆的Cantor Equity Partners（CEP）的股票已经攀升多达130％，而MSTR股票则保持强劲。