Twenty One Drops BTC-per-share
Jack Mallers’ Twenty One Capital (XXI) is quietly walking back BTC-per-share – the core promise it advertised in 2025 during its launch. Protos reports the company hasn’t disclosed a BTC purchase since July and Mallers now says BTC-per-share is “less important,” going as far as removing all related metrics on its website.
Share prices of Twenty One, like most BTC treasury companies, continue to slide. The stock is down ~83% since launch. Read more →
Bitcoin’s “mysterious” underperformance
Christopher Wood, global head of equity strategy at Jefferies and a previously staunch supporter of BTC, has removed what was a 10% allocation to BTC from his “Greed & Fear” model portfolio and reallocated into gold.
Why? Quantum risk - citing a 2025 study by Chaincode Labs that estimates 20-50% of circulating BTC could be vulnerable to quantum threats.
So whether or not quantum risk is actually a real risk to BTC or not… institutional investors aren’t waiting around to find out. Read more →
Galaxy to launch $100M crypto hedge fund
According to a scoop from the Financial Times, Galaxy Digital (GLXY) is launching a $100 million hedge fund this quarter (Q1).
The fund plans to allocate up to 30% of its assets to cryptoassets, with the remaining 70% invested in equities that Galaxy believes are being reshaped by digital asset technologies and shifting regulations. Read more →
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