Jack Mallers just announced a new Bitcoin company with 42,000 BTC and a $3.6 billion valuation..

The Strike founder's new venture, Twenty One Capital, is coming out swinging as the world's third-largest corporate Bitcoin holder on day one.

This is a direct shot across the bow at Strategy in the corporate Bitcoin accumulation race.

The Bitcoin Heavyweight Alliance

Twenty One is going public through a SPAC merger with Cantor Equity Partners that will see it trade on Nasdaq under the ticker "XXI".

Tether and Bitfinex are taking majority ownership while SoftBank grabs a hefty minority stake – that's the crypto version of the Avengers assembling.

They have secured a war chest of $585 million, ready to deploy, comprising $385 million in convertible notes and $200 million in equity.

Tether is already buying Bitcoin for them ahead of the closing, proving once again that Paolo's bags are deeper than the Mariana Trench.

The Strategy Rivalry

Strategy (the company formerly known as MicroStrategy) is still sitting on its dragon hoard of 530,000 BTC, but Twenty One is gunning for them.

Mallers isn't playing the same game, though – he's calling Twenty One a more "capital-efficient, flexible pure play" for Bitcoin exposure.

They're measuring success in Bitcoin instead of dollars, which is the kind of move that makes maximalists weep tears of joy.

Jack himself is out here saying, "We're not here to beat the market, we're here to build a new one" – whatever that means.

The Bitcoin-Native Metrics

Twenty One is introducing new performance metrics that would make your business school professor have a stroke.

Bitcoin Per Share (BPS) measures how much Bitcoin each share represents, basically telling the dollar to go pound sand.

The Bitcoin Return Rate (BRR) tracks the growth of BPS, which is essentially a way of saying "we only care about accumulating more sats."

These metrics are akin to a middle finger to traditional finance, while simultaneously attempting to list on a traditional exchange.

Beyond Just Hoarding Coins

Twenty One isn't just planning to sit on Bitcoin like a dragon – they want to build an entire Bitcoin financial ecosystem.

They're referring to Bitcoin-native lending platforms, debt products, and capital market tools that utilize the asset, rather than just holding it.

Mallers has plans for educational services and media content, as every crypto company now appears to need a content arm.

The company aims to be a one-stop shop for Bitcoin exposure, education, and evangelism, all wrapped in a publicly traded package.

The Big Money Backers

Tether and Bitfinex's majority ownership means that the company is backed by the financial machine behind the world's largest stablecoin.

SoftBank joining the party shows that Vision Fund finally found a vision that doesn't involve WeWork or dog-walking apps.

Cantor Fitzgerald provides the Wall Street credentials needed to make boomers feel comfortable buying what is essentially a Bitcoin proxy.

The SPAC shares are already surging on the news, proving that the market still has an insatiable appetite for anything related to Bitcoin.

Demystifying The Launch

Twenty One is creating an actively managed Bitcoin fund with an aggressive acquisition strategy and extra steps.

The "measuring success in Bitcoin, not dollars" approach is genius marketing for maximalists who think fiat is going to zero anyway.

If Bitcoin enters another bull run, Twenty One could become the market's favorite way to get exposure without dealing with wallets and keys.

However, if Bitcoin enters a prolonged bear market, Twenty One will essentially be a costly and public lesson in dollar-cost averaging.