Bitcoin Forum

Strategy and Saylor are super well-known in the crypto space because of their BTC-focused approach, and the fact that they've gone all-in to scoop up over 500K BTC. Saylor's way of thinking and his vision have also inspired a bunch of other companies like Tesla, MetaPlanet, and GameStop to stack sats, although they each hold only a few tens of thousands of BTC at most.

But Strategy's top spot in the BTC accumulation game might be challenged by a new fund called Twenty One Capital ^[1]. With the backing of big names like Tether and SoftBank, I really think Twenty One Capital will be accumulating even more BTC pretty soon, even though the BTC price is relatively high compared to Strategy's average buy-in price.

Competition is gonna fuel growth! This race between Strategy and Twenty One Capital will definitely grab a ton of media attention and at the same time make the BTC supply on the market shrink faster, pushing the market towards a supply crunch sooner. This means the BTC price could hit a new ATH in the near future. However, we also know that Strategy recently mentioned they might have to liquidate some BTC if needed ^[2]. If at that point, Twenty One Capital also decides to dump hundreds of thousands of BTC, the crypto market would get seriously hurt!


Personally, I'm staying positive and I'm happy Twenty One Capital is joining the party because I think they'll indirectly bring me some gains. But hey, I don't idolize any company or person, they're all just folks trying to make profits for themselves and their investors :)

I'd like to know your thoughts on this:

• Do you think Twenty One Capital can compete fairly with Strategy?
• Could the BTC accumulation race push the BTC price to a new ATH by the end of 2025?
• Does the emergence of Twenty One Capital make you want to hold BTC a little longer?

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References:
[1] Jack Mallers Named CEO of New Bitcoin Powerhouse Twenty One Capital, Plans to Launch With 42,000 BTC (https://bitcoinmagazine.com/news/jack-mallers-named-ceo-of-new-bitcoin-powerhouse-twenty-one-capital-plans-to-launch-with-42000-btc)
[2] Michael Saylor’s Strategy May Need to Sell BTC at a Loss To Cover Debt, What Does This Mean For the Bitcoin Price? (https://cryptonews.com/news/michael-saylors-strategy-may-need-to-sell-btc-at-a-loss-to-cover-debt-what-does-this-mean-for-the-bitcoin-price/)

I do not think so but we do not know what can happen in the future.

I do no know about if this can push bitcoin price in 2025 but I know that it will have long term effect because it means there is increasing bitcoin adoption and therefore leading to bitcoin price increase in the future as more people and institutions start to buy bitcoin.

The emergence of new institutions is an encouragement but I have it in my plan since few years ago to hold bitcoin for long time period.

Institutions are coming into the game, and that's good.

The next step would be for them not to poke their noses too much into the space.

Can 21C compete with Strategy?

A new standard is being set by them. For its time, Strategy (ex-MicroStrategy) was excellent - Michael Saylor essentially front-ran institutional adoption in 2020–2024. But it's beginning to reveal cracks: $7.25B in debt, core business bleeding cash, and even more dependent on debt-financed BTC stacking. If Bitcoin stalls or drops 30%, Strategy could implode into its own leverage. By comparison, 21C is ground-up constructing a Bitcoin-native financial ecosystem (loans, capital markets, education). They're using Bitcoin as a foundation. That distinction tells everything.

Could the accumulation race push BTC to new ATH by end of 2025?

Yes and not just because of competition between whales.
- 688,000 BTC now in corporate hands (up 16% QoQ, Q1 2025) [1] (https://bitcoinmagazine.com/news/corporate-bitcoin-holdings-hit-record-high-in-q1-2025-as-public-companies-accelerate-accumulation)
- Dormant coins (>7 years) moving +121% YoY (whales repositioning) [2] (https://zycrypto.com/movement-of-7-year-old-bitcoins-surges-121-as-btc-soars/) [3] (https://beincrypto.com/dormant-bitcoin-movement-investor-shift/)
- ETF inflows still strong from traditional finance [4] (https://cointelegraph.com/news/bitcoin-etfs-912m-dramatic-sentiment-boost)
- Supply issuance halved after 2024

If 21C grabs more attention while Strategy quietly liquidates to cover its debts, you might see a weird bifurcation:
- Public headlines about “Strategy selling = bearish!!!”
- Private action where others buy those dips instantly because they’re betting on 21C’s longer arc.

Does 21C make me want to HODL longer? Yes - but cautiously, surgically. I'm not mindlessly accepting someone else's story. Tether's close participation in 21C brings tail dangers that none should take lightly. The treasuries and credibility of 21C may be severely damaged if Tether were to collapse due to pressure from MiCA or a regulatory crackdown.

Yes, Capital can compete with Strategy for sure given the enough interest into buying Bitcoin, risk taking and enough funds.  The accumulation race may push Bitcoin to a new All Time High but it would not be THE factor to do it.  Bitcoin has still not priced in the new block reward post Halving.

Now about how long I would be holding for, I am not holding until Saylor or Capital is.  I am holding Bitcoin for what it provides.  Third parties are not an interest to me.  Even if Bitcoin 'dies', I would seek an alternative.  It offers me a feeling of freedom and safety that I will not give up for a matter of profit.  Particularly considering the history of Bitcoin shows it will likely only provide me MORE profit years down the line.

The "accumulation race" depends on the terms these entities offer to investors, because they will only be able to accumulate if they can attract enough investors.

A problem I see however is that I don't see how this market can grow that much more if there are options like ETFs which allow a more direct exposure. All those "companies" do essentially nothing, they only hold Bitcoin. The only cash flow comes from new investors. They are similar to ETFs with leverage but with more risk factors.

But for the 2025 bull run the news should be more bullish than bearish, although I question that these companies will be really responsible for an ATH. They also compete with the spot BTC market, i.e. they may take demand away from "normal" Bitcoin exchanges and maybe also ETFs.

Nope. Long term these companies probably are a liability. If they accumulate too many BTC, the ecosystem will lose decentralization. The only good thing is that there are now more options emerging in that market segment. I would actually be happy if 21 Capital could take market share away from MSTR to prevent it to become "too big to fail".

It has at least a potential. I assume it won't be a difficult thing for them to attract investors given that they have the backing of no less than Trump's secretary of Commerce's Cantor Fitzgerald, SoftBank, Tether. Also, all of them have billions and billions of available funds under their disposal.

But it will certainly take time for them to at least come close. Strategy has been doing its thing for a while already. It started much earlier. As a matter of fact, its Bitcoin holdings is now getting closer to BlackRock's. 21 Capital has yet to begin. Not to mention that Bitcoin is getting more and more expensive. Strategy's average purchase price is only around $68,459 per coin. 


The race, among other factors. Don't disregard the retail market. But, indeed, the race is on among institutions, even countries, states, and central banks.

But with all of this, a new ATH is probably coming much earlier, within the first quarter most likely.


With or without 21 Capital, I'll be hodling. Even before MicroStrategy's strategy was born, I was already a hodler. The rise of Strategy, 21 Capital, Metaplanet, ANAP, and other companies adopting the Bitcoin strategy excites me more. They'll accelerate the value of my small Bitcoin holdings.

There are some threads about 21 like this.
TwentyOne Capital: The next MicroStrategy? (https://bitcointalk.org/index.php?topic=5539468.0) You can get some additional information and discussions about it in those previous threads that can be helpful for your question.

Twenty One's business structure and strategy are more complicated than Strategy and they might succeed or fail but I am more keen on success for Twenty One. Because they copy a successful strategy of Strategy and add something new. Perhaps those new things can make Twenty One more successful than Strategy, but if not, they will still gain success.

However, I don't want to take risk with Twenty One and even with MSTR from Strategy, with me Bitcoin is my choice. I buy bitcoin and store it by myself, be self-custodial is best.

As you said Microstrategy would always have the advantage of being early. They started accumulating when bitcoin was still relatively cheap especially considering now. Even if bitcoin goes through another bear run, I do not think bitcoin will go down to that price again or at least I am hoping it doesn't lol. This (https://www.webopedia.com/crypto/learn/mstr-bitcoin-holdings-timeline/) is what Twenty One Capital should be looking to achieve:
https://talkimg.com/images/2025/04/30/U2rKgC.png
It shows good prospect that more companies are getting into bitcoin but honestly its emergence do not change anything on how I thought of bitcoin. I wanted to hold bitcoin for a long period of time and I still do even with or without the emergence of such companies.

Interesting comparison. While Strategy (presumably referring to MicroStrategy) has been a dominant force in BTC accumulation, Twenty One Capital's approach could offer a fresh perspective.