MicroStrategy has a new rival

Plus: Ledger wants your Nano S to retire gracefully

GM. The markets are like a pineapple today – spiky, confusing, but still part of the cocktail. Let’s dig in.

👀 Strategy vs Twenty One.

🍋 News drops: Mango Markets exploiter’s sentencing, Binance’s new rules + more

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🍍 Market flavor today

Might as well start calling it pto, ’cause we’re done cryin’ 😎

While the hype has cooled off a bit compared to yesterday, overall the mood is still pretty glonky – Bitcoin remains above $90K, and investor sentiment remains in the greedy zone.

Basically, things are getting comfy again, and it’s showing up in the way people are handling their BTC. A lot of it’s being moved off exchanges – matter of fact, it’s the biggest outflow of Bitcoin from exchanges since February 2023.

Translation: people aren’t planning to sell anytime soon, and that usually means less volatility and a more stable market.

And it’s not just where the Bitcoin is going – it’s who’s holding it.

Bitcoin is moving from short-term holders to long-term holders.

Since January, people who’ve held their BTC for over 155 days have added more than 635K BTC;
In contrast, short-term holders have reduced their exposure by 461K BTC.

This reallocation matters because long-term holders tend to be less reactive to price swings. More supply in steady hands = fewer panic sells.

That kind of setup is a solid place to be. Let the glonkiness continue.

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🧃 Don’t let your wallet go sour

Why use a washing machine when I’ve got hands and the local pond?!
Why call a taxi when I’ve got a thumb and the gift of conversation?!
Why upgrade my Ledger when my Nano S is still kickin’?!

Well, uhh… because it’s gonna be better for you?.. 🤔

And now’s the perfect time – Ledger’s giving Nano S users 20% off new devices.

It’s their way of saying “thanks for sticking around” and also “maybe it’s time to level up your security.”

Upgrade your Nano S – it’s done its job. Let it retire in peace.

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🥝 Memecoin harvest

If stupidity is a superpower, these coins are the Avengers 🦸

Data as of 06:40 AM EST.

Check out these memecoins and plenty more here.

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Every gym’s got that gym bro. You know, the one who’s been bulking since forever, has a protein schedule, you pull up at 3 AM on a random Tuesday – he’s there. The staff doesn’t even check his membership anymore – he is the gym.

Now imagine a new guy arrives. He’s not huge (yet), but he’s got that look. That dawg in him. That “give it three months and I’ll outlift you” attitude.

In this story, the OG gym bro is Strategy (MicroStrategy, if you’re traditional) – the heavyweight champ of Bitcoin-holding companies.

And the new arrival? That’s Twenty One.

Twenty One is a new Bitcoin treasury company founded by Jack Mallers – the dude behind Strike – and supported by some serious names: Tether, SoftBank Group, Bitfinex, and Cantor.

Their game plan? Go public through a blank-check merger with Cantor Equity Partners. In plain English, they’re teaming up with a shell company to skip the whole traditional IPO mess and speedrun onto the Nasdaq.

If all goes as planned, you’ll see them trading under the ticker XXI, but only after they raise $585M.

Now, the juicy part: they wanna launch with 42,000 BTC (around $3.9B worth). This would make Twenty One the third-largest corporate Bitcoin holder, behind just Strategy and MARA.

Quite bold. And Mallers isn’t shy about it either – he said they’re not here to “beat the market,” they’re here to build a new one.

To make things even juicier – Twenty One straight-up said it could be a better choice for investors who want efficient Bitcoin exposure than Strategy.

The logic is that Strategy already holds a whole lotta Bitcoin – over 534K BTC – so any new purchases don’t make that much of a difference in terms of value per share (aka BPS: Bitcoin Per Share). Basically, the more BTC they have, the harder it is to make each share more valuable.

Meanwhile, Twenty One is small (for now), which means every Bitcoin they add could have a much bigger impact on shareholder value.

Underdog attitude aside, let’s break down the gains and the pains of Twenty One.

Pros:

Starts small = more potential relative growth;
Built for BTC from the ground up – everything in the company is measured in BTC;
No existing debt = flexibility early on.

Cons:

Brand new, unproven execution;
Might need to raise capital aggressively (debt/dilution risk);
Tiny compared to Strategy – MSTR’s got deep pockets and name recognition;
No track record vs. MicroStrategy’s high-profile BTC strategy and strong following.

So, yeah, it could be promising, but it’s not objectively superior to MSTR – it’s just positioned differently.

MSTR has scale, momentum, and trust. Twenty One has potential and a better starting point on paper.

Zoolander staring: Strategy vs Twenty One

And you know what’s the best part? No matter who wins this flex-off, it’s still gonna be bullish for Bitcoin. More players, more attention, more corporate BTC stacking.

Enjoy the gains.

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🍋 News drops

🇿🇦 Binance is adding some extra rules for users in South Africa. Starting April 30, you’ll need to share details about whoever you’re sending crypto to or getting it from – otherwise, no deposits or withdrawals will go through.

⚖️ Ex-SEC Chair Jay Clayton is now the temporary US Attorney for the Southern District of New York. However, he can only stay in the role for up to 120 days because Senator Schumer didn’t approve the usual appointment process.

⛓ Avraham “Avi” Eisenberg, who was found guilty of stealing $110M from Mango Markets, is gonna get sentenced soon. Prosecutors want him to get between 6.5 and 8 years in prison.

🙊 Yuga Labs wants nearly $400K in crypto from wallets tied to Jeremy Cahen (aka Pauly0x). They’re still battling over a 2022 lawsuit where Cahen and Ryder Ripps launched an NFT collection that looked a lot like Bored Apes.

🇹🇭 KuCoin is growing its presence in Southeast Asia. They’re planning to launch a crypto exchange in Thailand.

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