Michael Saylor’s Bitcoin buying strategy had both followers and skeptics. However, Wall Street analysts say a new rival has already arrived, with nearly $4 billion in BTC on its balance sheet.
When Softbank, Tether and Cantor Fitzgerald announced plans to launch a new Bitcoin investment company called Twenty One, they explicitly constituted holding Bitcoin as a major business, and many called it a key rival to Saylor’s Strategy (MSTR). One Bitcoin Balance Sheet Retention that day is ranked as the third largest publicly held Bitcoin Treasury on the first day.
In traditional finance, it can be argued that such a large competition could hinder the market share and capital of dominant companies. Particularly because the 21 may already be available at over 42,000 BTC at the time of its release (equivalent to about $4 billion at spot prices).
But TD Cowen analysts Lance Vitanza and Jonnathan Navarrete see it as the exact opposite. “The 21 proposed launches reflect the most meaningful validation of Bitcoin financial operations of previous strategies.
Analysts added that the new rival could even turn institutional investors, MSTR’s biggest skeptic, into followers of Saylor’s Bitcoin buying strategy. The move could also increase demand for Bitcoin from well-known entrants, surpassing the pressure on the capital cost of the strategy, and attracting more capital to the purchase of Bitcoin.
“It’s certainly something Michael Saylor openly believes,” the analyst wrote, pointing to a longstanding push for more companies to adopt similar strategies.
TD Cowen will maintain the MSTR price target of $550 and project that it will be able to hold 757,000 BTC by the end of fiscal year 2027. Analysts said if Bitcoin had already reached an average price of $170,000 by then, TD Cowen estimates the Stash would be worth $129 billion.
The bullish impact of this rivalry is already evident in the market. The SPAC vehicle of Cantor Equity Partners (CEP) stake, Twenty One, has already climbed 130% since its announcement, but MSTR stocks have been strong.
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