I think for a structure like 21 Capital,which is a newly formed Bitcoin-native investment company created via a SPAC merger with Cantor Equity Partners and  backed by Tether ($1.6B BTC), SoftBank ($0.9B BTC), Bitfinex ($0.6B BTC), and Cantor with CEO Jack Mallers positioning it as a direct rival to MicroStrategy, but with a more aggressive and potentially scalable Bitcoin-denominated approach and jack Mallers,Known for Strike and lightning network evangelism. His credibility in the BTC community may attract talent, attention, and liquidity faster than traditional suits
But my question is with Jack Mallers' transition from Strike to public markets. Can he handle the governance and investor pressure?

With regulatory overhang around Tether and Bitfinex.and execution risk on maintaining low dilution and high BTC performance.
I think 21 Capital is a pure-play Bitcoin equity that may rival or even eclipse MicroStrategy, if they can execute repeated debt-equity cycles and maintain BTC-denominated capital growth.
If it trades publicly soon, 21 Capital would instantly become 3rd in BTC corporate holdings (after MSTR and Tesla) and the first to be BTC-native from inception.