PANews reported on April 23 that QCP Capital, a Singapore-based crypto investment firm, said that a $3 billion Bitcoin fund has become the focus as market headlines are flooding. Cantor, SoftBank, Tether and Bitfinex have jointly planned to launch the 21 Capital fund, led by Brandon Lutnick, which aims to acquire a large number of Bitcoins. The fund plans to raise $350 million through convertible bonds and conduct $200 million in private equity financing. Its structure is similar to Strategy, which once attracted much attention for its heavy position in Bitcoin, but 21 Capital has a new change: converting Bitcoin holdings into equity and issuing shares at $10 per share, effectively valuing Bitcoin at $85,000 per coin. This is seen as a prototype for large-scale institutionalized cryptocurrency exposure.
The launch of the fund coincides with a shift in US policy stance, with the Trump administration supporting the concept of "digital gold" to help the crypto market. Bitcoin broke through the technical resistance of $88,800 and the psychological barrier of $90,000, trading as high as $93,500. At the same time, the price of gold fell 6%, highlighting the market's rebound in risk appetite and a clear shift in funds to digital assets. Institutions are no longer testing the waters, but are fully committed to the cryptocurrency field. As Strategy fades out, 21 Capital is expected to become a new benchmark for cryptocurrency.
Macro risks remain, but key issues seem to have been resolved. Trump said he would not replace Fed Chairman Powell for the time being, which led to a decline in long-term yields and reduced tail risks. Although the bond market has stabilized, the US stock market is still close to the historical high of 5,400 points, and the market reaction is mild and cautious. However, the overall outlook is complex, and trade frictions, geopolitical tensions and regulatory opacity still pose challenges. Investors need to be wary of rapid market changes and pay attention to potential turning points.
