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The convergence of traditional finance and crypto is accelerating, and nowhere is that more evident than in the emergence of Twenty One, a new Bitcoin-focused entity preparing to go public via a SPAC backed by Cantor Fitzgerald.
With reputable players like Japan’s SoftBank involved and more than $4B in BTC set to anchor its treasury, Twenty One positions itself as the next evolution of MicroStrategy’s BTC accumulation playbook. But can it live up to the hype and high premiums?
Some see this as a breakthrough moment for BTC adoption on corporate balance sheets, and while the public market is already valuing this opportunity at 3x the worth of proposed BTC holdings, others cite concerns about a complex capital structure, asymmetrical incentives, and stark implications for retail investors.
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