The success of Michael Saylor’s fundraising playbook for Strategy is causing trouble for its imitators, as the market for the convertible bonds they are using to fund Bitcoin buys is getting tighter — and a rival with heavyweight backers is about to start pumping out its own paper.
Twenty One Capital Inc., a Bitcoin treasury firm that counts stablecoin issuer Tether Holdings SA and SoftBank Group Corp. among its investors, plans to issue convertible bonds once it closes its merger with blank-check firm Cantor Equity Partners Inc., and will launch with more than 42,000 Bitcoin, worth roughly ...
