A new company called Twenty One is making waves—with a launch strategy that echoes Strategy (formerly MicroStrategy), a cap table that includes Tether, SoftBank, and Cantor Fitzgerald, and a plan to acquire more Bitcoin than anyone else.They’re starting with 42,000 BTC, worth nearly $4 billion, and they’ve hinted they’ll use convertible debt, equity raises, and other market mechanics to buy more.But is this just a smarter MicroStrategy? Or a recipe for financial reflexivity gone wrong?In this episode, Matthew Sigel, head of digital assets research at VanEck, digs into:How the strategy works and why it could breakWhat happens if the stock trades below NAVWhy timing the market may be a feature, not a bugAnd whether this signals a new phase in corporate Bitcoin exposureSigel also shares a bold idea for “BIT Bonds” that could let the U.S. Treasury issue Bitcoin-linked government debt. Could it work?Plus, Unchained regulatory reporter Veronica Irwin talks about her scoop that we might see a crypto market structure bill as early as this week. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors!Bitkey: Use code UNCHAINED for 20% offFalconXMantleGuestMatthew Sigel, Head of Digital Assets Research at VanEckLinksUnchained: Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity PartnersThe Block: Strike founder Jack Mallers to lead Tether-backed multi-billion bitcoin buying venture, Twenty One CapitalRyan Watkins’ post on XJeff Park’s post on XTimestamps:👋 🚀 ⚠️ 📈 👔 💥 💰 ⏳ 🤔 🇺🇸  📰 Learn more about your ad choices. Visit megaphone.fm/adchoices