QCP Asia Colour – 23 April 25
When the Noise Becomes the Signal
Just when markets seemed saturated with headlines, a blockbuster $3 billion Bitcoin fund has taken center stage. In an audacious move, Cantor, SoftBank, Tether, and Bitfinex are aligning to launch 21 Capital (tentatively titled), a bold BTC acquisition vehicle led by Brandon Lutnick.
The fund plans to raise an additional $350 million via convertible bonds, alongside a $200 million private equity round, with one clear directive: buy more Bitcoin, and buy it big. The structure channels early echoes of Strategy (formerly MicroStrategy), whose Bitcoin-heavy balance sheet once dominated headlines.
But 21 Capital brings a new twist: converting BTC holdings into equity, issuing shares priced at $10, effectively valuing Bitcoin at $85,000 per coin. For many, this isn’t just another fund, it’s a prototype for institutionalizing crypto exposure at scale.
Timing is Everything
The launch comes on the heels of a decisive shift in U.S. policy posture, as the Trump administration leans into the “digital gold” narrative, lending political tailwinds to crypto markets.
Bitcoin has surged past the prior $88.8k technical ceiling, clearing the psychological $90k mark to trade at an eye-watering $93.5k. Meanwhile, Gold has slid 6 percent, underscoring a renewed appetite for risk and a clear rotation into digital assets.
Institutions are no longer testing crypto’s waters. They are diving in headfirst. As Strategy’s playbook fades from the spotlight, 21 Capital looks set to become the new standard-bearer for crypto conviction.
Macro: Less Uncertainty, Not No Risk
Macro risks remain, but one critical overhang appears to be cleared. Trump is signaling no intention to replace Fed Chair Powell for now. The reassurance has prompted a modest pullback in long-end yields, helping reduce a key tail risk.
Despite calmer bond markets, U.S. equities remain tethered near record highs at $5,400, reflecting a more tempered and cautious response. The broader outlook, however, is anything but simple. Trade frictions, geopolitical jitters, and regulatory opacity continue to cast long shadows.
Investors are navigating a rapidly shifting landscape, remaining sharply attuned to the next potential inflection point.
