Bitcoin Treasury Twenty One to Become ‘More Than a Treasury Company’, Says New CEO

“I will finish with this: Twenty One is not a substitute for Bitcoin,” Zagury said. “Investors who want pure Bitcoin exposure should understand that Bitcoin itself is the cleanest expression of that view. Twenty One must earn the right to be something different: a way to own the build around Bitcoin.”

Twenty One was the product of Tether, Bitfinex, Cantor Fitzgerald, and SoftBank (which now no longer is part of the project). It has the second biggest public Bitcoin treasury, according to Bitcointreasuries.net, with a total of 43,514 coins — or $2.7 billion in Bitcoin’s current price of $63,464. 

It debuted last year through a SPAC merger with Cantor Equity Partners, a blank check company affiliated with financial services firm Cantor Fitzgerald.

Bitcoin treasuries exploded last year as public companies wanting to boost their stock prices rushed to accumulate Bitcoin — and other cryptocurrencies. 

Following in the footsteps of software company Strategy (formerly MicroStrategy), such firms have seen their stock suffer as crypto markets have sold off since October. Even Strategy, the largest corporate holder of Bitcoin, has sold chunks of Bitcoin to create a cash buffer. 

Twenty One in July said it would try and create a model like Berkshire Hathaway: build and acquire high-quality operating businesses that “leverage Twenty One’s balance sheet while maintaining disciplined capital allocation at the parent company and create a long-term ownership model inspired by Berkshire Hathaway.”

Twenty One’s stock (NYSE: XXI) was down over 1% over the past day on Tuesday. Year-to-date, the company’s stock is down by more than 50%.