Bitcoin Treasuries Are the New Gold Rush—and Twenty One Is Leading the Charge

The financial world is witnessing a seismic shift as institutions flock to Bitcoin, and Jack Mallers' Twenty One Capital Inc. stands at the epicenter of this revolution. With partnerships from Tether and SoftBank, this Bitcoin-native public company isn't just another crypto play—it's a bold bet on the future of money itself. Let's dissect why investors should take notice.

The Institutional Bitcoin Boom: Why Now?

Institutional adoption of Bitcoin has moved from a “maybe” to a “must” in the last two years. Companies like MicroStrategy and Galahad have pioneered the Bitcoin treasury model, but Twenty One is taking it to the next level. By securing $585 million in financing from Tether, SoftBank, and a PIPE offering, it's amassing over 42,000 Bitcoin, positioning itself as the third-largest corporate holder of the asset. This isn't just about owning Bitcoin—it's about building a financial ecosystem around it.

Twenty One's Playbook: BPS and BRR Are the New EPS and EBITDA

Mallers, CEO of Strike and now Twenty One, isn't playing games with volatility. He's focused on two metrics: Bitcoin Per Share (BPS) and the Bitcoin Return Rate (BRR). The goal is to maximize Bitcoin ownership per share while growing it faster than competitors. This disciplined approach contrasts sharply with speculative crypto firms that prioritize short-term gains over long-term accumulation.

Why Twenty One Beats BTCS and the Rest

Bitcoin Investment Trust (BTCS) has long been the go-to ETF for Bitcoin exposure, but it's lagging behind Twenty One's vision. BTCS tracks Bitcoin price movements but lacks the operational strategy to compound ownership. Meanwhile, Twenty One's partnerships with Tether and SoftBank give it access to capital and credibility BTCS can't match. Plus, its focus on Bitcoin-native financial products—like lending and media—creates recurring revenue streams.

Mallers' Moral Framework: Bitcoin as a Tool for Liberation

Mallers isn't just a crypto entrepreneur—he's a visionary with a mission. He sees Bitcoin as a weapon against financial exclusion, a decentralized system that empowers individuals over centralized banks. This moral clarity isn't just PR; it attracts investors who want to back a movement, not just a trade. In a world where trust in institutions is eroding, Twenty One's narrative resonates deeply.

Risks? Sure. But the Reward Is Exponential

Critics will point to Bitcoin's volatility and regulatory hurdles. Fair points—but Twenty One's Nasdaq listing (pending SEC approval) and institutional backing mitigate these risks. A $3.6 billion pro forma valuation based on a Bitcoin price of ~$85k (April 2025) suggests the market already sees its potential. Even if Bitcoin's price dips, Twenty One's BPS growth could outpace declines over time.

Action Alert: Buy the Dip—Literally

If you believe Bitcoin's trajectory is upward (and I do), then Twenty One's Bitcoin treasury model is a no-brainer. Its ticker “XXI” (assuming the Nasdaq listing proceeds) will be a symbol of this new era. Allocate 5-10% of your portfolio to this play—yes, it's risky, but so were gold stocks in the 70s or tech in the 90s.

Final Verdict: Bitcoin Treasuries Are the New Gold

Twenty One isn't just a company—it's a catalyst. By merging institutional legitimacy with a decentralized ethos, it's paving the way for a future where Bitcoin isn't just a currency but a pillar of global finance. Investors who ignore this trend will be left behind. The question isn't whether Bitcoin treasuries will grow—it's who will own the largest slice of the pie.

Invest Now or Regret Later.