Public Keys: Twenty One’s Bitcoin Play, XRP Futures Competition and Investors Love Solana Treasury Companies

Public Keys is a weekly roundup of Decrypt That follows the most important listed crypto companies. This week: Twenty-one capital makes a huge Bitcoin operation company Splash, CME participates in the XRP Futures chat and investors show love for a little known company that has started buying Solana.

Nineteen, twenty, …

A lot of hassle is made about twenty -one capital, a new Bitcoin Treasury company with $ 146 billion stablecoin -emittent tether, crypto exchange bitfinex and Wall Street Giants Cantor Fitzgerald and Softbank.

It is planned to be public via Spac by merging with Cantor Equity Partners, who is already acting on the Nasdaq under the CEP -Ticker. As soon as the ink dries, twenty -one will turn his ticker into XXI.

Tether and Bitfinex will contribute a total of 31,500 bitcoin to the new company, according to a SEC request from Cantor. After the merger has been closed, Softbank is planning to buy enough shares to maintain ‘considerable minority property’, so that Tether and Bitfinex are left as the majority of owners.

Before the company has even raised extra cash to finance its BTC treasure box, it is planning to “possess at least 42,000 bitcoin.” That is enough for Bitcoin treasuries to have already used it as the third largest Bitcoin Treasury Company behind MSTR and Bitcoin Miner Mara Holdings.

So if you already have strategy, the OG Bitcoin Treasury Company and Ishares Bitcoin Trust, or IBIT, in your portfolio – why is XXI interesting?

Twenty -one capital CEO Jack Mallers, founder of the strike parent company Zap, said Bloomberg He will be laser aimed at improving the Bitcoin per share of the company, or BPS and Bitcoin Return Rate, or BRR.

‘[With] A vehicle like an ETF, your exposure is static. So twenty is an operational company. And we will build Bitcoin products, Bitcoin Operative Cash Flow. And then the use of the capital markets to grow the bitcoin on our balance, “he said.” So we want our shareholders to become richer in Bitcoin conditions. “

But spectators have quickly demonstrated it, the incorporation of shares in kind for Bitcoin will not be possible. Mallers has since sent a letter to stop investors and assured that he is not leaving the company.

CME’s XRP Futures -Spel

CME Group, the world’s leading derivatives market, launches XRP-Future contracts on 19 May. With the new product, customers can trade both a micro-size contract of 2,500 XRP and a larger contract of 50,000 XRP.

CME is not first in this respect.

Coinbase launched its own XRP -Futures contracts on April 21. And Kraken, although it did not first launch XRP -Futures, acquired the company that did. In 2019, Kraken acquired crypto facilities based in London, which offered XRP Futures contracts in October 2016. The company has since been renamed Kraken Futures.

But Cme, who wads in a pool with $ 3.9 billion in XRP open interest, has a history of erasing first Market Leads.

CBOE launched his Bitcoin Futures contracts on 10 December 2017 under the XBT Ticker. A week later, CME Group launched his own Bitcoin -Futures under the BTC Ticker.

Two years later, CBOE threw in the towel and said there was just not enough interest in crypto. CME now recommends $ 13.6 billion in the $ 68 billion Bitcoin Futures market.

But hey, guess who is back?

Solana Treasury Company

Upexi, which is traded under the Upxi Ticker on the Nasdaq, saw its shares win no less than 335% after it had announced a Solana Treasury plan to reflect which strategy has been doing with Bitcoin since 2020.

The company said it had successfully protected a private placement of $ 100 million.

“The company is planning to use around $ 5.3 million from the offer for working capital and debt reduction, whereby the remaining funds must be used for the establishment of the Solana Treasury activities of the company and the accumulation of Solana,” the company said in a Friday -sec filling.

The company is incredibly bullish on Sol. It has adopted a “long-only strategy”, mainly focused on Solana and is planning to participate in “reformulation of Solana to improve the return.”

The news has revived a company that would otherwise glide into the darkness.

As a company, Upexi wears a lot of hats. It owns and operates various brands, such as Luckytail, Healed Mushrooms and Prax, which sells energy supplements based on paraxanthin.

Other Keys

• Waiting for Deets from Riot: Bitcoin Miner Riot platforms have just protected a credit line of $ 100 million from Coinbase. “This credit facility is an important part of our efforts to diversify financing sources to support our activities and strategic growth initiatives,” said CEO Jason lessons in a statement. Decrypt Riot achieved for more information about what those important strategic initiatives can be, but did not immediately receive a response.
• Coinbase is purchased from Benchmark: Investment Bank -Benchmark set a target of $ 252 for Coinbase, which trades on the Nasdaq under the Coin Ticker and gave a buy -rating earlier this week. “We believe that most investors do not yet have to recognize or focus on the extent to which stablecoin and market structure legislation can cause significant extensions in the valuations of coins,” they wrote, and noted that the accounts in broad lines “can restore the crypto market activity”.
• Door is open for Semler Doubters: Eric Semler, chairman of Bitcoin Treasury Company Semler Scientific, is just as bullish as ever after the company has announced that it has increased its BTC stock to $ 314 million. “You can sell or stop if you don’t like what we have done with Bitcoin,” Semler said during an interview on Thursday at the Bitcoin Standard Corporation Investor Day event in Bitwise in New York. Not many investors hired him about that. Just before the final bell, SMLR had won 7% compared to the end of yesterday and acted for $ 36.80.

Published by Guillermo Jimenez.