On the OP, I stated “a few months”.
I bet we will get some clarity in the following weeks. Business combinations aren't easy.
In the meantime, gambling in CEP and Strategy is gaining a larger headstart.
For sure it will be interesting.
I am not very convinced that XXI will be able to catch up to MSTR very easily, yet they do have quite a bit of potential capital to put into bitcoin, whether from their own revenue streams or from revenue that they can raise by using other people's money... but yeah, if MSTR might be able to get up to 1 million bitcoin in the coming couple of years, and XXI might be able to reach similar quantities of bitcoin, then between them, they would be holding a lot of the bitcoin supply, and perhaps the ETFs are going to continue to accumulate at a similar rate, so that might be another 1 million to 2 million bitcoin... and then we have governments who would not want to be dwarfed, so there might not be very many bitcoin left (without engaging in fractional reserves, and sophisticated players are likely going to want to make sure that their custodians have the coins that they claim to have).
The only way they can do that is if they can secure massive funding's for their next Bitcoin accumulation and they can accumulate huge volume of Bitcoin which is close to the numbers what Microstrategy got. But for sure its not going to happen since for sure they would also thing doing good strategy for their accumulations like doing DCA so that they won't get hurt so much if there's a correction or a market crash will happen.
I am not suggesting that XXI cannot be successful, yet they would have to give a certain high level of dedication to establish that their fund is a serious competitor to MSTR, and surely they could use their own money to build such confidence, especially since Tether by itself generates a lo tof ongoing income, and at the same time, I understand how there is a preference to use other people's money to buttress the position, and so the more confidence they build then the more that other people will also invest into their product as either a supplement of MSTR or as alternative to investing in MSTR.
Its just people have this over comparison between these two companies but for sure 21 company will work on its way.
XXI purposefully is trying to market the comparison.. to force the conversation in the comparison direction, and XXI is also trying to proclaim that they are a better product, even though so far they have no track record with this particular product, even if they might have other products with track records.
But I really like to see them accumulating since if both companies will post their accumulation for sure that it will bring lots of interest for other investor to buy Bitcoin to. For sure 21 capital knows its hard to chase what Microstrategy achieve since they built their portfolio for many years while them they are just starting up doing business with Bitcoin.
In recent times, Tether itself is a behemoth when it comes to cashflow... and yeah, MSTR has set itself in such a solid way that it would be difficult to take market share from them, and largely MSTR is likely thrilled to death that other companies are coming in to follow similar leveraging systems that essentially pump the value of MSTR's already acquired bitcoin.