Market Doesn't Fully Appreciate Us, Twenty One Capital CEO Mallers Says

Well, as a business, we're going to build products and services that have customers and high margins and growth and cash flow. So I've been very vocal. I don't think of 21 as a Treasury company. We're a Bitcoin company and it's such a simple term that it might go in one ear and out the other. But if you think about it, there are no Bitcoin companies. The spectrum, as we see it, is on one side you have these Treasury businesses which aren't as focused on products and cash flow and high margins and growth. They're focused on financial engineering to accumulate the asset. And then on the other side of the spectrum, we have businesses like a Coinbase or a Robinhood or even a poly market into DraftKings that are monetizing speculation and these businesses are all arriving in the same place. You're going to have prediction markets are going to crypto, they're going to equities, they're going to have gambling and sports betting. And we want to live somewhere in the middle of that intersection. We think a huge opportunity and probably the biggest opportunity is being a Bitcoin business and financial services. So we're looking at markets like credit and lending within the space to have both an operating cash flow aspect of our company. And then also we're already the third largest treasury in the world and we think we're going to be able to add to that substantially.

Yes, I would say we're categorically different and that we aren't optimizing for the world of hyper financialization and hyper speculation. That's just not a world that I want to necessarily live in. I don't want to prediction market on what I'm going to eat for dinner tonight. What we think is a bright future for society and for the world is one that is capitalized and built on top of Bitcoin. And so if you think about the co-founders of this business, which is Tether and myself and a minority but significant Holder and SoftBank, look at our history and you can see in what we're focused in trading and exchange credit and lending. Heather's the biggest stablecoin business in the world. We already have one of the biggest treasuries in the world. And so there's a huge opportunity, we believe, in focusing specifically on Bitcoin financial services, because despite it being probably the biggest innovation of our time, no one seems to be building a business specifically focused on top of it. And that is why we exist and why we're different in the capital markets.

Yeah. You know, listen, I don't know if I disagree with that. I think standing a business up in the capital markets has been challenging. And it was our first step. You know, for example, I don't think anyone planned for the government to get shut down. That was a hurdle we had to overcome. It's hard to get approved by the FCC when they're currently not online. I was like, you know, someone plugged that thing back in. I got a business to build. But no, but to be serious, you know, these are a sooner rather than later. It's what I can tell you guys and commit to on air. It is our utmost priority. Our order of operations, our product roadmap, so to speak, was to put the vehicle together, give it access to the capital markets, get partners like SoftBank involved in stand it up so that it is an equity traded on an exchange like the New York Stock Exchange, which we are now. And it is a sooner rather than later. We expect to have news for you guys. I'll maybe you can have me back on when these businesses are launched. It's interesting timing. We've got the holidays right. So the government shutdown has brought me right into Christmas and Santa Claus. But this is a sooner rather than later.