Twenty-one capital, the Bitcoin cash company (BTC) supported by Tether and SoftBank, plans to add 5,800 BTC to its reserves before public inscription through its merger with Cantor Equity Partners, the firm announced on Tuesday.
The contribution, directed by Tether as part of an existing arrangement, would bring twenty of the total assets to more than 43,500 BTC, or more than $ 5 billion at current prices, positioning it as the third Bitcoin treasure of the company behind Microstrategy and Tesla.
Twenty-one CEO Jack Mallers, who also heads the Bitcoin-focused payment application strike, equaled the Bitcoin fixed supply strategy, the calling “The Scarcest Thing” during an interview on Tuesday with Bloomberg TV.
He said price increases could accelerate as institutional and sovereign buyers compete for a limited offer.
“If you want more bitcoin, you are not going to the Bitcoin factory. You have to increase in prices,” he said. “Is there enough bitcoin for me at 120,000? No, okay 130k, 140k, 150k?”
The deposit suggested that the growing demand for FNB and perhaps nation states could force a rapid discovery of prices.
“Bitcoin is inelastic to demand,” he said, adding that market players “will find the offer they are looking for, they will simply have to attract it at a higher price.”
The company will also introduce a “Bitcoin by action” metric to allow investors to directly follow the assets as by the profits.
Tether and Bitfinex will remain the majority owners of twenty one after the list, with SoftBank holding a minority participation. The actions should be negotiated under the “XXI” ticker for the completion of the agreement, pending regulatory and shareholders approvals.
The company claims that all assets will be verifiable in real time via proof of reserve on chain.
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