Cantor Fitzgerald is going all in on Bitcoin (BTC-USD, Financial). Backed by stablecoin giant Tether Holdings SA and SoftBank Group, the firm just launched Twenty One Capital — a bold crypto venture designed to rival Strategy (MSTR, Financial) (formerly MicroStrategy). It's not tiptoeing into the market either. The company is starting with a massive $4 billion in Bitcoin on its balance sheet, instantly making it the third-largest corporate Bitcoin treasury in the world. But unlike Strategy's early lone-wolf play, Twenty One is entering with institutional firepower and a business model that goes beyond buying and holding.

And that model? It's ambitious. The company's prospectus outlines plans for “native lending models, capital market instruments, and future innovations that will replace legacy financial tools with Bitcoin-aligned alternatives,” along with “Bitcoin-focused content and media.” In short, Twenty One wants to be more than just another Bitcoin proxy. As Mark Palmer, senior analyst at Benchmark, put it: “It does have the backing of some large and influential players within the crypto space, which is not only going to enable the company to tap into those firms' resources, but also to make a much bigger splash in the market than it would have otherwise.” Cantor's existing connections — including managing Tether's reserves and holding its convertible bond — only add to its firepower.

Still, the race won't be easy. Strategy remains the king of Bitcoin treasuries, holding roughly $55 billion and planning to raise another $84 billion through equity and debt to buy more. Michael Saylor isn't worried though. “It's auspicious,” he said at a recent New York conference. “It's good for the entire industry because it's generating positive awareness of the opportunity — and it's very legitimizing to see these companies making big investments. I hope there are 10 more.” But the market may be cooling on copycats. Wilfred Daye, CSO of Mercurity Fintech, warns: “The market can become more sensitized to MicroStrategy's strategy — shareholders get tired,” pointing to GameStop's stock plunge after it announced plans to take on debt to buy Bitcoin. Twenty One has capital, partners, and momentum. Now it just needs to prove it's not another echo of a trade that's already been priced in.