Bitcoin has reclaimed $90,000 for the first time since early March and is outperforming the NASDAQ by over 4.5% since Liberation Day. But the real story? It’s not the price. It’s the power move happening quietly behind the scenes.
Bitcoin has reclaimed $90,000 for the first time since early March and is outperforming the NASDAQ by over 4.5% since Liberation Day. But the real story? It’s not the price. It’s the power move happening quietly behind the scenes.A new multi-billion dollar Bitcoin acquisition vehicle is being formed. One that’s bigger, faster, and potentially more aggressive than anything we’ve seen before.
Meet 21 Capital—a joint venture backed by some of the biggest names in crypto and finance. It might just become the MicroStrategy killer. Let’s break it down.
The Rise of Strategic Bitcoin Reserves
First, a Quick History: MicroStrategy’s Bold Move
Back in 2020, Michael Saylor made headlines by turning MicroStrategy into a Bitcoin acquisition machine. They rebranded to “Strategy” and began aggressively accumulating BTC using:
- Public equity
- Convertible debt
- Preferred stock instruments (like Strive)
Today, they hold over 500,000 BTC, making them the largest corporate Bitcoin holder after BlackRock’s ETF.
But now… a new player has entered the arena.
21 Capital is the brainchild of a supergroup consisting of:
- Tether (USDT issuer)
- SoftBank (global VC giant)
- Cantor Fitzgerald (Wall Street institution with ties to the Trump camp)
- Bitfinex (one of crypto’s most established exchanges)
At the helm is Jack Mallers, founder of Strike (a global Bitcoin payments app available in 100+ countries). Mallers is now CEO of 21 Capital, and their goal is clear: acquire as much Bitcoin as possible, as quickly as possible.
How 21 Capital Plans to Dominate
Their strategy borrows elements from MicroStrategy, but with a twist:
1. Bitcoin Exposure
All financing proceeds will be used to acquire Bitcoin, directly.
2. Bitcoin-Native Operations
Unlike MicroStrategy, which still operates a SaaS business, 21 Capital is purpose-built from day one to be a Bitcoin-native vehicle. That means leaner operations, fewer overheads, and a sole focus on BTC.
3. Public Market Access
Investors can gain exposure via a public equity vehicle priced near net asset value (NAV)—offering a more efficient proxy for BTC ownership.
4. Debt & Structured Product Offerings
Like Strategy, they plan to issue:
- Debt instruments
- Convertible notes
- Bitcoin-backed structured products
5. Education & Infrastructure
They’ll also invest in Bitcoin literacy, institutional onboarding, media partnerships, and educational content to accelerate adoption.
6. Bitcoin Lending
21 is exploring Bitcoin lending services—allowing users to borrow against BTC without selling it, mirroring trends in traditional finance.
Strategy vs. 21 Capital: Who Wins?
| Category | MicroStrategy | 21 Capital |
|---|---|---|
| Strategy | MicroStrategy | 21 Capital |
| Business Model | Software + Bitcoin | Pure Bitcoin acquisition |
| Operational Focus | Mixed | Bitcoin-native |
| Debt Load | Existing | Fresh slate |
| Insider Ownership | Diluted over decades | Early-stage insider access |
| KPI Structure | Legacy + Bitcoin | Purpose-built for BTC |
21 Capital is positioning itself as a faster, leaner, and more scalable version of Strategy—with the backing of some of the wealthiest institutions in the world.
Why This Matters: Supply Is Drying Up
Bitcoin is a scarce asset.
Only 21 million BTC will ever exist. With:
- ETFs buying more than miners can produce
- Institutions like Strategy and BlackRock controlling nearly 1 million BTC
- Exchange balances at their lowest since 2018
There simply isn’t enough Bitcoin to go around.
The creation of 21 Capital could accelerate this dynamic even further. Billions in dry powder are entering the market through off-market OTC deals, creating invisible demand that doesn’t immediately reflect in the price.
2025 – Bull Market or Supercycle?
Whether you believe this is just another cycle or the beginning of a Bitcoin supercycle—21 Capital is a sign of what’s coming.
And if retail doesn’t act soon, they could be priced out by the institutions racing to corner the BTC supply.
Are You Positioned Yet?
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