‘Pure playing’ Bitcoin never looked so impurities

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Times can feel a little febrile, but at least we get wonderful structural diagrams.

From Mainft’s Antoine Gara and Oliver Barnes yesterday:

Brandon Lunnick, Son of the American Trade Hoveard Lunnick, partnership with Softbank, Tether and Bitfinek on the Bitcoin-acquisition to use the cryptocurrency under American President Donald Donald Trump.

The Consortium announced that the Vehicle to acquire Bitcoin for a multipillion dollar called twenty-one capital to absorb billions of billions in cryptocuran from other partners with the aim of buying more bitcoin …

It will be formed from a reverse connection with younger characters for special purpose – channel, which raised 100 million dollars last year – with the aim of finding the target company.

With a closed transaction, twenty-one is owned by moorings, in case this job has already had more red flags than China’s national day – Bitcoin purchased contributing to Bitcoin made tension on softbank name. Add more BitCoin customer by convertible issuance of bonds and installation of capital, and the company is starting with 42,000 Bitcoin.

In short, it is a company made from Bitcoin, it will issue a debt or capital to buy more bitcoin, with probability that there is a number of its growth price or fall. In addition to these basic functions, he will also create “educational material” on bitcoin and acts as a partner of the content and advisor of other people interested in Bitcoin. Diversified, this is not.

Fully submission, including relevant 8-x and announcement can be found on the SEC website hereBut that’s in the package Presentations – Rate what is excitingly called the “Mystery of the Project” – which caught our eye.

Twenty-one will pilot Jack Mallers, a 31-year-old, who for some reason was dressed as a 14-year-old who dragged into his mom’s store in the store:

Kamiki are described as a “visionary”, which is not at all doubt why twenty one’s business model is basically copied Michael Sailora MicroStrategy.

After the beginning with some Palmo Bitcoin Bumpf plates, twenty presentations descend into what is a basis of a business study of case, including graphs that study travel to Bitcoin buying a company that, not to forget, not twenty-one.

So why by The investor put his money in twenty-and not the Mstr, a company whose slider is trying to catch? Answer, probably lies in These circles:

Twenty people want to show their commitment for a little two key performance metric, in order to “reflect its capital structure of capital and bitcoin-focused defect”. The first is Bitcoin on the action, which is twenty-one says:

The amount of bitcoin each fully diluted share represents, reflecting the ownership of shareholders in Bitcoin, not to earn Fiat per share

It is worth emphasizing that the worst happens, investors can find out that there is a material difference between “share ownership in Bitcoin” and “ownership in action from Bitcoin “.

Another new metric is the speed of Bitcoin, the speed on which BPS is growing. When Microstrategy ‘has already gifted to the world concept of nonsense “Bitcoin“It’s hard to see why Brr needs my name, but we are sure it will do it for beautiful graphs.

In any case, because words like “clean performances”, “effective” and “simplified” and “simplified” throw, investors are not suspicion of expecting a clear transaction structure.

Uh:

Anyone who gets the head around it and feels comfortable that they wanted to get involved in contact with the only contract for contracts, Cantor Fitzgerald – Where is Brandon Lunnick Chair. How before They get a gig?