Bitcoin Law

In case you missed @jackmallers' talk on $XXI: Jack Mallers just laid out the XXI vision at Bitcoin Vegas, and this is exactly what he's been waiting to share. The headline: @tether is proposing to merge @Strike (Mallers’ payments company) AND Electron (Tether’s Bitcoin mining infrastructure — ~50 EH/s, roughly 5% of the entire network) into 21. One entity, one mission. His framework was sharp. Two axes: Bitcoin conviction vs operating income. • Coinbase / Robinhood / Binance: high cash flow, low conviction. Coinbase holds 10x more fiat than BTC on its balance sheet. Robinhood is built for speculation. • Bitcoin treasury cos (MSTR, etc.): max conviction, no real operating business. Mallers wants the upper-right quadrant nobody is occupying yet. Four divisions to get there: 1. Financial services — brokerage, custody, lending, payments, prime, banking 2. Physical infrastructure — industrial-scale mining via Electron, vertically integrated from energy to BTC 3. Capital markets — issue against the treasury, securitize mining revenue and the loan book, BTC-backed debt, non-dilutive leverage from cash flow 4. M&A — acquire profitable Bitcoin companies at attractive valuations He drew clear lines: not building another crypto casino, not listing alts, not pushing prediction-market gambling. Also explicitly not just a treasury vehicle. XXI today: 43,514 BTC, 2nd-most of any public corp. When you add Strike’s rails and Electron’s hashrate and you get something nobody has actually tried: a vertically integrated Bitcoin company with treasury, cash flows, physical production, and a capital markets engine all pointed at the same target. This is the bet. Kudos, @jackmallers

In case you missed @jackmallers' talk on $XXI: Jack Mallers just laid out the XXI vision at Bitcoin Vegas, and this is exactly what he's been waiting to share. The headline: @tether is proposing to merge @Strike (Mallers’ payments company) AND Electron (Tether’s Bitcoin mining infrastructure — ~50 EH/s, roughly 5% of the entire network) into 21. One entity, one mission. His framework was sharp. Two axes: Bitcoin conviction vs operating income. • Coinbase / Robinhood / Binance: high cash flow, low conviction. Coinbase holds 10x more fiat than BTC on its balance sheet. Robinhood is built for speculation. • Bitcoin treasury cos (MSTR, etc.): max conviction, no real operating business. Mallers wants the upper-right quadrant nobody is occupying yet. Four divisions to get there: 1. Financial services — brokerage, custody, lending, payments, prime, banking 2. Physical infrastructure — industrial-scale mining via Electron, vertically integrated from energy to BTC 3. Capital markets — issue against the treasury, securitize mining revenue and the loan book, BTC-backed debt, non-dilutive leverage from cash flow 4. M&A — acquire profitable Bitcoin companies at attractive valuations He drew clear lines: not building another crypto casino, not listing alts, not pushing prediction-market gambling. Also explicitly not just a treasury vehicle. XXI today: 43,514 BTC, 2nd-most of any public corp. When you add Strike’s rails and Electron’s hashrate and you get something nobody has actually tried: a vertically integrated Bitcoin company with treasury, cash flows, physical production, and a capital markets engine all pointed at the same target. This is the bet. Kudos, @jackmallers

What if I told you we’re living through a depression? The silent depression. The great debasement. Dollars create the illusion of prosperity. Fiat lies. #Bitcoin makes the invisible visible.