Unchained

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 break
What happens if the stock trades below NAV
Why timing the market may be a feature, not a bug
And whether this signals a new phase in corporate Bitcoin exposure

Sigel 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 this week that we might see a crypto market structure bill as early as this week.