“What makes us uniquely different than an ETF is we’re an operating company, so we’re founded as a Bitcoin business with a core goal of increasing what we call Bitcoin per share,” Mallers told Fortune. “Our goal is to be the best way for the capital markets to participate in this Bitcoin story.”
Mallers added that, with capital trapped in public markets, companies like Twenty-One allow investors to gain exposure to the asset class without having to use crypto exchanges or self-custody their Bitcoin through more complex instruments like hardware wallets. “What we figured is we would put together a vehicle and a business that solves that problem,” he said. “I’m making Bitcoin more useful to the world.”
Twenty-One will face stiff competition as the Bitcoin treasury strategy grows more popular, including from MicroStrategy, which recently rebranded to Strategy. But as a pure-play Bitcoin company, Mallers insists that the company’s approach—and formidable founding team—represents a new era for the cryptocurrency. “We’ve heard a lot of how Wall Street has arrived to Bitcoin,” he told Fortune. “We view Twenty-One as ‘Bitcoin has arrived on Wall Street.’”
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