Twenty One Capital's actions speak louder than its promises. It said it would buy $48B of bitcoin yet has purchased none, and almost a year on there is still no clear business model, strategy or products. Jack Mallers is likable but serves as the mouthpiece for backers who are a concern, so Strategy, Metaplanet and Strive are the better focus. x.com  x.com 

Crypto treasury companies such as Twenty One Capital and Nakamoto are a scam, and Twenty One's strategy centered on potentially acquiring Strike shows the next step is buying related parties that would otherwise be worthless. x.com 

Bitcoin treasury companies can raise billions and destroy shareholder value while their executives still get paid. Mallers received over $2.6M in cash equivalent, per SEC filings, for a -92% shareholder return in one year before resigning, not counting options he still holds. x.com 

Churchill Capital Corp XI is a SPAC, a shell company with nothing there, and not worth betting on. x.com 

Strategy runs a Ponzi-like loop: new capital buys bitcoin, which lifts the stock and attracts more capital, while the business makes almost no organic cash flow and collapses without constant raising. It trades at a big premium to NAV, effectively selling $1 of bitcoin for $1.50, lost $12.5B in Q1 2026, and has now sold bitcoin for the first time since 2022 despite Michael Saylor's vow never to sell. Owning bitcoin itself makes more sense than owning Strategy. x.com  x.com 

Strategy isn't a buy even at about 0.8x the value of its bitcoin holdings. The discount reflects market skepticism about management, liquidity and governance, as investors price in execution risk and potential structural issues beyond the BTC exposure. x.com  x.com