Why Twenty One Capital Is More About Volatility Than Bitcoin - Ep. 826

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 29 April 2025

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The race for Bitcoin supremacy just got more complicated. Twenty One Capital, backed by Tether, SoftBank, and Cantor Fitzgerald, plans to stack as much BTC as it possibly can. But is this new venture really about Bitcoin … or about creating a hyper-volatile stock to play market cycles? This week on Unchained, Jeff Park of Bitwise and Mark Palmer of Benchmark join to discuss: Why SoftBank and Tether are a “perfect match”—and why they turned to Bitcoin How volatility, not bitcoin itself, might be the real asset investors are buying What Cantor’s involvement says about Wall Street’s readiness for crypto Why the launch timing matters Whether Twenty One could repeat MicroStrategy’s mistakes Whether these new Bitcoin vehicles are better bets than spot bitcoin or ETFs Plus, is SoftBank getting into crypto a top signal? 👀 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Jeff Park, Head of Alpha Strategies at Bitwise Mark Palmer, Senior Analyst at Benchmark Recent coverage of Unchained on Twenty One: Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners Jeff Park’s post on X Timestamps: 📰 0:00 Introduction 🚀 2:07 Why Jeff sees the Twenty One Capital launch as a huge development 🧠 6:09 How Twenty One might learn from MicroStrategy’s playbook 🏦 11:59 Risks of turning into the next Celsius, Voyager or Genesis 💸 18:52 Why Bitcoin needs income-generating activities to evolve 📊 21:17 How metrics like bitcoin per share bridge crypto and TradFi 🤝 30:16 Whether Tether’s participation makes sense 💍 34:18 Why Jeff thinks SoftBank and Tether are “a perfect match” 🚩 42:29 Is SoftBank entering crypto a top signal? 🏛️ 46:32 Why Cantor’s involvement shows Wall Street is serious 📈 50:24 Why bitcoin vehicle stocks trade at a premium 🗓️ 55:48 Why timing matters compared to MicroStrategy’s 2020 debut 🧮 1:00:06 How to decide between investing in vehicles, spot bitcoin, or ETFs 🌊 1:08:52 Whether SOL investment vehicles will have the same success as bitcoin ones Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Hey everyone. Thank you for supporting Unchained, where we do our best to help you stay on top of
0:05.8	crypto news. If you enjoy the show, we'd really appreciate it if you could take a moment right now
0:11.4	to leave us a five-star review. This helps other listeners discover Unchained. And who knows,
0:17.5	you may hear me read your review on an upcoming episode. I think it's a common misunderstanding that investors of strategy cares about earnings at all,
0:28.3	actually.
0:29.3	I think they don't care about earnings.
0:31.7	And we're going to see it again with strategy reporting very soon, the stock does.
0:35.4	But actually, the volatility of strategy and the
0:37.9	stocks never react to earnings in the ways you see it with companies and the question of how
0:42.1	they're going to monetize it. It is likewise the case that I think those who are buying
0:49.0	today, CEP at 3X to premium, are buying something else. And what they're buying isn't an earnings monetization scheme.
0:56.1	They're buying a volatility monetization scheme.
1:02.4	Hi, everyone.
1:03.5	Welcome to Unchained.
1:04.5	You're a no hype resource for all things crypto.
1:06.3	I'm your host, Laura Shin.
1:08.3	Every episode, we're featuring listener comments.
1:12.3	Today, we have comments responding to my recent interview with Van X Matthew Siegel on the launch of 21 and his pitch for BitBonds.
1:18.5	On Farcaster, Especulacion writes, quote, leverage on Bitcoin could be one of the biggest risks
1:24.3	of the asset. On X, Christine Lee says, quote, Matt is clever, reminds me of the Swiss National Bank, which
1:31.3	says it won't buy Bitcoin, but owns shares of MSDR, Tesla, and Mara, perfect bit bond buyer.
1:38.7	Do you have an opinion or insight to share?
	...

Transcript will be available on the free plan in 24 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Laura Shin, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Laura Shin and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.