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G’day Bitcoiner,

Here’s the week in Bitcoin treasuries.

🟧 Wall Street Is Draining Bitcoin from Exchanges — Fidelity Flags Institutional Supply Squeeze

🟧 Jack Mallers, Cantor Fitzgerald, Tether & SoftBank Team Up to Launch $3B Bitcoin Powerhouse: Twenty One Capital

🪙 Russia Plans State-Backed Crypto Exchange for Elite Investors

🟧 Saylor’s Strategy Adds Another $500M in Bitcoin, Hits 538,200 BTC

🇯🇵 Metaplanet Hits 5,000 BTC with 121% BTC Yield

🇭🇰 HK Asia Holdings Raises HK$65M to Expand Bitcoin Bet

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🟧 Wall Street Is Draining Bitcoin from Exchanges — Fidelity Flags Institutional Supply Squeeze

Bitcoin is vanishing from exchanges — and Fidelity says it’s Wall Street leading the charge.

🔒 Just 2.6 million BTC remain on exchanges, the lowest level since November 2018, according to Fidelity Digital Assets. Over 425,000 BTC have been pulled off exchanges since November 2024 — and nearly 350,000 BTC of that has been scooped up by public companies post-U.S. election.

🧠 Fidelity sees this as a strategic shift: “We anticipate this trend accelerating,” they posted on X. Bitcoin is rapidly transitioning from a tradable instrument to a long-term reserve asset — a narrative now embraced not just by corporates but sovereign wealth funds, too.

📉 Binance — which handles around 40% of retail spot volume — tells the story:

• April 6–10: +15,000 BTC inflow (price flat around $85K–$87K, traders likely cashing out).

• April 19–23: −15,000 BTC outflow (price surged past $93K — classic accumulation signal).

This shift points to strong conviction from holders, reducing near-term sell pressure and laying the groundwork for another breakout.

📊 While spot ETF flows have stalled, corporate treasuries are making up for it. Public companies are buying over 30,000 BTC a month in 2025. Strategy (Michael Saylor’s firm) is dominating, with 285,980 BTC acquired since November — that’s 81% of public company buys.

🌏 International players are stepping in too:

• 🇯🇵 Metaplanet: 5,000 BTC and aiming to double it in 2025.

• 🇭🇰 HK Asia Holdings: Raising $8.35M to boost its Bitcoin treasury.

🟧 Jack Mallers, Cantor Fitzgerald, Tether & SoftBank Team Up to Launch $3B Bitcoin Powerhouse: Twenty One Capital

Bitcoin just got its next big institutional catalyst.

Strike CEO Jack Mallers is teaming up with Tether, Bitfinex, SoftBank, and Cantor Fitzgerald to launch Twenty One Capital - a publicly listed, Bitcoin-native investment company that’s set to debut with over 42,000 BTC. That would instantly make it the third-largest Bitcoin treasury in the world, trailing only Strategy (538,200 BTC) and MARA Holdings (47,531 BTC).

💥 This isn’t just another Bitcoin bet - it’s a full-on capital transformation strategy.

🏛️ Wall Street-Grade Backing, Bitcoin-First Vision

The $3.6B entity will emerge via a SPAC merger with Cantor Equity Partners (CEP). The deal includes:

• $1.5B from Tether

• $900M from SoftBank

• $600M from Bitfinex

• $585M in additional PIPE funding

What sets Twenty One apart? It’s not just holding Bitcoin - it’s rebuilding public market finance around it. Investors won’t be measuring earnings in fiat anymore. Instead, they’ll track:

• Bitcoin Per Share (BPS) – how much BTC each share represents

• Bitcoin Return Rate (BRR) – growth in BPS over time

📈 The goal? Maximize Bitcoin ownership per share — turning the company into a high-performance Bitcoin accumulator with laser focus.

🧱 Scaling the Bitcoin Treasury Model

This launch isn’t happening in a vacuum. It’s the next evolution of the Bitcoin Treasury Model — the same strategy that turned Strategy (MSTR) into a capital-raising juggernaut. Strategy reimagined the balance sheet as a Bitcoin flywheel, raising billions in debt and equity to buy BTC and deliver outperformance.

Now, Twenty One is applying that same model at institutional scale, and SoftBank’s involvement is the clearest sign yet that the strategy is going mainstream.

SoftBank, with nearly $33B in cash and $200B in net assets, is only allocating a fraction (~2.7%) to Bitcoin through this deal — but doing so publicly, and in Bitcoin terms, is what signals a tectonic shift.

🌍 Not Just U.S. – This Is Global

Japan’s Metaplanet Inc. already proved the model can scale internationally, delivering a 100x increase in market cap after switching from hotels to Bitcoin treasuries.

Now with SoftBank and Tether in the mix, Twenty One becomes the first truly global, Bitcoin-native public company — positioned to bridge fiat markets with Bitcoin-native products.

Twenty One won’t stop at HODLing. The roadmap includes:

• BTC-backed lending & structured products

• Bitcoin-native media & content

• Financial instruments built on Bitcoin infrastructure

This is Bitcoin as capital platform, not just an asset.

📊 Institutional Game Changer

With ETF inflows cooling and traditional markets uncertain, Twenty One offers something rare: a Bitcoin-dedicated operating company with deep pockets, global credibility, and public market access.

It provides institutional investors a path to BTC exposure without needing direct custody or on-chain complexity.

And for Bitcoiners? It’s a stock you can stack — with upside tied directly to Bitcoin accumulation.

📢 Ticker Watch

• Current: CEP (until deal finalises)

• Post-Merger: XXI — remember it.

Twenty One isn’t just following in Strategy’s footsteps — it’s lighting the next torch in the corporate Bitcoin revolution. And it’s backed by some of the deepest war chests in tech and finance.

If Bitcoin is the most valuable financial opportunity of our time, Twenty One wants to be its flagship public vehicle.

🟠 Built by Bitcoiners. Powered by Bitcoin. Structured for the next cycle.

Short ₿its 🌟

🪙 Russia Plans State-Backed Crypto Exchange for Elite Investors

Russia's central bank and finance ministry are launching a crypto exchange exclusively for “super-qualified investors” under a new experimental regime, aiming to legalize and regulate crypto activity outside the domestic market.
Investors must meet high wealth or income thresholds (₽100M+ in assets or ₽50M+ annual income) to participate, with final criteria still being refined. The move signals a Kremlin-backed shift toward controlled crypto adoption, bringing operations “out of the shadows.”

🟧 Saylor’s Strategy Adds Another $500M in Bitcoin, Hits 538,200 BTC

Michael Saylor’s Strategy (MSTR) has added 6,556 BTC to its treasury, bringing its total to a staggering 538,200 BTC, still the largest public corporate holder.

🇯🇵 Metaplanet Hits 5,000 BTC with 121% BTC Yield

Japan’s Metaplanet has added 145 BTC for ~$13.6M, bringing total holdings to 5,000 BTC acquired at an average of ~$85,621 - and has already achieved a staggering 121.1% BTC Yield YTD in 2025.

Since pivoting to a Bitcoin treasury strategy, its stock has soared over 3,000%, with goals to hit 10,000 BTC by end-2025 and 21,000 BTC by 2026.

🇭🇰 HK Asia Holdings Raises HK$65M to Expand Bitcoin Bet

HK Asia Holdings is raising HK$65 million to boost its Bitcoin portfolio, triggering a 15% surge in trading volume and a $2,000 price jump within an hour of the news.
The move underscores Asia’s rising institutional momentum in crypto — and signals bullish short-term momentum for Bitcoin.

Tweet of The Week

Podcast of The Week

🟧 Saylor-Style Bitcoin Powerhouse Launches with Backing from Tether, SoftBank & Cantor

A new Bitcoin-native public company, Twenty One Capital, is launching with backing from Tether, SoftBank, and a Cantor Fitzgerald affiliate — aiming to rival Strategy’s treasury model.
Led by Jack Mallers, the firm is built to maximize Bitcoin per share, and is already making waves on Bloomberg Technology.

If you have questions about how Bitcoin could help you or your business, please don’t hesitate to reach out for a free 30-minute consultation 🕒. We're here to help you navigate the future of Bitcoin 💡

Thanks for reading! We hope you’ve enjoyed this week’s edition and look forward to seeing you next week! 👋

Daniel 

for Bitcoin on Balance

32 York Street, Sydney NSW 2000, Australia

https://www.bitcoinonbalance.com/