Author: Stephanie Bedard-Chateauneuf

A bold new chapter in institutional crypto investment has begun. Cantor Fitzgerald, a titan of Wall Street, is joining forces with Tether and Japanese tech conglomerate SoftBank Group (TYO:9984) to launch a $3.6 billion crypto venture — a move that underscores the accelerating mainstream adoption of Bitcoin and digital assets.

The new venture, named Twenty One Capital, will be listed on the Nasdaq under the ticker (NASDAQ:XXI). It’s poised to become the third-largest corporate holder of Bitcoin globally, with more than 42,000 BTC already committed at launch.

Institutional Crypto Investment Hits a Milestone

For years, crypto has lived on the edge of the financial system — alternately embraced and dismissed. But this new venture suggests the tide is turning decisively in favor of institutional crypto investment.

Cantor Fitzgerald’s involvement, particularly through its special-purpose acquisition company (SPAC), Cantor Equity Partners (NASDAQ:CEP.O), signals strong Wall Street confidence in Bitcoin’s long-term value. And the collaboration with Tether — the issuer of the world’s largest stablecoin — along with SoftBank’s minority investment, creates a powerful alliance aimed at reshaping the crypto investing landscape.

Twenty One’s CEO, Jack Mallers, put it simply: “We’re not here to beat the market. We’re here to build a new one.”

A Strategic Bitcoin Treasury

Unlike many firms that cautiously add digital assets to their balance sheets, Twenty One Capital is going all in. With more than $1.6 billion in Bitcoin contributed by Tether alone, plus additional contributions from Bitfinex ($600 million) and SoftBank ($900 million), the venture is taking a page out of the playbook used by MicroStrategy (NASDAQ:MSTR).

MicroStrategy currently holds over 538,000 Bitcoin and saw its valuation surge in 2024 as institutional demand for crypto soared, especially following pro-crypto political rhetoric during the U.S. presidential election. Similarly, Twenty One Capital appears set to position itself as a vehicle for Bitcoin-centric growth — both as a hedge against economic uncertainty and a foundation for new financial infrastructure.

Bitcoin, now trading above $94,000, has climbed over 40% in the past six months. While retail investors have driven much of the past decade’s momentum, the current rally is being led by institutions, analysts say.

Matt Mena, a strategist at crypto investment firm 21Shares, explains: “What sets this rally apart is the growing conviction around Bitcoin’s function as a macro hedge. More investors are turning to it not just as a speculative asset, but also as a flight to safety amid rising uncertainty across traditional markets.”

This narrative plays directly into the goals of Cantor’s new venture. With macroeconomic concerns like inflation, geopolitical instability, and fiat currency devaluation lingering, institutional crypto investment is no longer just an alternative — it’s becoming a necessity.

The Tether-Cantor Nexus

The deal also sheds light on the long-standing relationship between Cantor Fitzgerald and Tether. According to Tether CEO Paolo Ardoino, 99% of Tether’s U.S. Treasury bill reserves — used to back its USDT stablecoin — are held with Cantor. That deep trust is now being extended to this ambitious new venture.

“Bitcoin is one of the only truly decentralized, immutable, and censorship-resistant assets,” Ardoino said. “Its role as the foundation of a new financial system is inevitable.”

The formation of Twenty One Capital could very well mark the beginning of that new financial system — one led not just by tech visionaries, but by established financial powerhouses embracing institutional crypto investment on a global scale.

Final Thoughts

Twenty One Capital is more than just a bold bet on Bitcoin — it’s a clear sign that institutional crypto investment is entering a new phase. With the backing of Cantor Fitzgerald, Tether, Bitfinex, and SoftBank, the venture is uniquely positioned to redefine how traditional finance approaches crypto.

If successful, it won’t just be another crypto company on the Nasdaq — it will be a blueprint for future digital asset investment at scale.

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As digital assets go mainstream, crypto tax mistakes are becoming more common—and more costly. With increased scrutiny from the IRS and local tax authorities, 2025 is shaping up to be a year when crypto investors can’t afford to be sloppy with their filings.

Whether you’re holding Bitcoin, trading meme coins, or staking Ethereum, your tax obligations are real. Here are three of the most common crypto tax mistakes to avoid if you want to stay compliant and keep Uncle Sam happy.

1. Ignoring State-Level Crypto Tax Rules

The IRS isn’t the only one watching your crypto wallet. Many investors make the mistake of assuming that paying federal crypto taxes is enough. Unfortunately, crypto tax mistakes often begin with overlooking state-level obligations.

Tax rules for cryptocurrencies vary significantly from one state to another. For example, New York, California, and even some local jurisdictions have introduced specific reporting requirements or capital gains treatments for crypto earnings. If you’re filing your taxes thinking it’s a federal-only concern, think again.

Failing to report income or capital gains at the state level can trigger audits or penalties, even if your federal filings are perfect. Always check your local tax laws or consult a professional familiar with cryptocurrency taxation in your jurisdiction.

2. Miscalculating Capital Gains on Crypto

Of all crypto tax mistakes, this one causes the most confusion—and it can hit your wallet hard. Calculating capital gains on crypto isn’t as simple as subtracting the buy price from the sell price. There’s a lot more to track:

• Incorrect acquisition dates: If you confuse the date of a crypto transfer with its original purchase date, your gains or losses may be misreported. 
• Improper lot accounting: You can’t just lump all your Bitcoin (CRYPTO:BTC) together. You must identify which specific coins were sold, especially if you acquired them at different times and prices. 
• Omitting transaction fees: When calculating cost basis, always include the fees paid when buying or selling crypto. Otherwise, your profit (and tax owed) could be overstated. 
• Forgetting forks and airdrops: Any free coins received from forks or airdrops have a cost basis too, often based on fair market value at the time you received them. 

Miscalculating capital gains could lead to either overpaying or underpaying your taxes. Either way, it’s a costly mistake you don’t want to make.

3. Failing To Report All Taxable Events

This is the most common and the most serious of all crypto tax mistakes. Many investors believe that only converting crypto to fiat (e.g., U.S. dollars) is taxable. But that’s far from the full picture.

Here are just some of the events that the IRS considers taxable:

• Trading one cryptocurrency for another: Swapping Ethereum (CRYPTO:ETH) for Solana (CRYPTO:SOL)? That’s a taxable event. 
• Spending crypto: Buying a latte or a Lamborghini with Bitcoin? That’s taxable too. 
• Receiving crypto as income: Whether you’re a freelancer paid in Dogecoin or getting a salary in USDC, it’s income—and must be reported. 
• Mining and staking rewards: Mined coins or staking rewards are considered taxable income at the time you receive them, based on market value. 

Even if you didn’t receive fiat currency, the IRS still considers these events taxable. Failing to report them can result in significant penalties or even an audit.

Final Thoughts: Be Proactive, Not Reactive

The IRS and state tax agencies are getting smarter at tracking digital asset activity. As exchanges implement stricter reporting requirements and blockchain analytics improve, your chances of flying under the radar are slim.

To stay ahead, avoid these three crypto tax mistakes: know your local tax laws, get your capital gains math right, and report every taxable event. If you’re unsure, now’s the time to work with a tax professional experienced in crypto.

Don’t wait for a tax notice or penalty letter to remind you—get proactive with your crypto tax strategy in 2025.

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As traditional stock markets in the U.S. and Europe close their doors for Good Friday on April 18, the crypto markets remain open 24/7, highlighting one of the key advantages of digital asset trading. While exchanges like the New York Stock Exchange and the London Stock Exchange observe public holidays, cryptocurrencies such as Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) continue trading around the clock—without exception.

This uninterrupted trading access has become a defining feature of the crypto economy, providing investors with continuous flexibility, instant liquidity, and the ability to respond to real-time global events even when traditional markets are paused.

Why Crypto Markets Stay Open 24/7

The crypto markets’ 24/7 accessibility is made possible by blockchain technology, which is decentralized and doesn’t rely on a central authority to function. Unlike stock markets that operate during set trading hours and close on weekends and holidays, crypto assets are powered by networks of global computers running nonstop.

This infrastructure allows crypto exchanges like Coinbase (NASDAQ:COIN) and Binance to facilitate trades at any time—day or night—regardless of local business hours. For many investors, this round-the-clock operation is more aligned with today’s fast-moving global economy.

Benefits of 24/7 Crypto Markets

The ability to trade anytime gives crypto investors several advantages:

• Real-time market reactions: Crypto traders can instantly respond to breaking news, earnings announcements, or geopolitical events—even outside regular trading hours. 
• Inflation hedging: In times of economic uncertainty, like during recent inflationary cycles or the ongoing U.S.-China tariff tensions, crypto offers a way to reallocate capital quickly. 
• Global access: With no centralized closing bell, investors from any country can participate without being restricted by time zones or holiday schedules. 

For example, when traditional markets are closed for Good Friday, traders may still adjust their positions in Bitcoin (CRYPTO:BTC) or Solana (CRYPTO:SOL), reacting to global developments without missing a beat.

Crypto’s Appeal During Market Closures

Market closures like Good Friday offer a stark reminder of how different the traditional and crypto worlds operate. On holidays, while major indices like the NASDAQ Composite (NASDAQ:IXIC) and the S&P 500 (INDEXSP:.INX) remain static, the crypto markets keep moving, often becoming more volatile due to lighter trading volumes and higher retail activity.

For active traders, this presents unique opportunities. Price swings during holidays can lead to profitable trades or strategic entries and exits that wouldn’t be possible in the stock market until after the holiday.

Additionally, for long-term investors, the open nature of crypto means they can rebalance portfolios or initiate positions at their convenience—not just during preset hours.

Risks of 24/7 Crypto Trading

While crypto markets open 24/7 provide unmatched flexibility, this constant access comes with risks. The lack of downtime can lead to investor burnout, and round-the-clock volatility may trigger emotional trading decisions. Furthermore, scams and hacks can happen at any time, making it crucial for traders to use secure platforms and follow best practices for protecting digital assets.

Still, for those who understand the landscape and manage their risk, the benefits often outweigh the downsides.

A Glimpse Into the Financial Future

The idea of financial markets that never sleep may seem futuristic, but it’s already a reality in the crypto world. The model of crypto markets open 24/7 reflects the growing demand for seamless, borderless financial participation.

As traditional finance continues to evolve, it’s possible we’ll see greater integration between these two worlds. Until then, cryptocurrency offers a unique advantage: staying open when others close—offering global financial opportunities, even on holidays.

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In a candid interview on The Journeyman podcast with financial strategist Raoul Pal, Barry Silbert—the founder of Digital Currency Group—delivered a jarring assessment of the crypto industry. According to Silbert, 99.9% of cryptocurrency tokens are worthless, offering no real value to the ecosystem. His statement sent shockwaves through the crypto world, igniting fresh debate on which digital assets truly have staying power.

These Barry Silbert crypto views carry weight. As one of the earliest institutional investors in Bitcoin, his voice resonates across the blockchain industry. Silbert, who began investing in Bitcoin (CRYPTO:BTC) when it was trading at just $7 back in 2011, has witnessed every stage of the crypto market’s evolution—from fringe tech experiment to trillion-dollar asset class.

Most Crypto Tokens Are Doomed, Says Barry Silbert

Silbert explained that, despite his fascination with the innovation in the space, he has become increasingly skeptical of new tokens. “I’ve always been intellectually curious about everything else that’s coming out of our space. But for the most part, 99.9% of crypto tokens that are out there have no reason to exist and are worthless,” he said.

His crypto investment philosophy has shifted over time. Initially, he was drawn to Bitcoin for its disruptive potential. But after experiencing several boom-and-bust cycles, Silbert began focusing on investing in the infrastructure surrounding Bitcoin and blockchain tech rather than individual coins.

“Had I just held on to the Bitcoin, I actually would have done better than making those investments,” Silbert admitted. Still, his perspective offers a warning: the majority of tokens being hyped today may fade into obscurity.

Privacy Coins Still Catch Barry Silbert’s Eye

While Barry Silbert remains pessimistic about most of the crypto market, he’s still bullish on privacy-focused digital currencies like Zcash (CRYPTO:ZEC). These coins have lost significant ground over the past few years, but Silbert believes they fill a vital niche. “People are going to realize financial privacy is important to them. There’s a version of Bitcoin that’s private,” he noted, referring to Zcash and other similar projects.

This view aligns with the broader concerns about digital surveillance and the potential for overreach by governments and corporations. In Silbert’s eyes, privacy coins may still have a role in the decentralized future, even if the broader market continues to shrink.

Lessons from Silbert’s Crypto Journey

Barry Silbert’s early journey with Bitcoin is a textbook lesson in market psychology. At one point, he believed he had made a brilliant investment, only to later worry it was a mistake after the price plunged. Yet, as the asset recovered and soared to new highs, he doubled down—not just on Bitcoin, but on companies building around it.

His takeaway? Sometimes, the simplest investment is the most profitable one. While Silbert backed companies like Ripple and others building crypto infrastructure, he confessed that simply holding Bitcoin would’ve yielded higher returns.

It’s a rare moment of transparency from one of the crypto space’s most influential figures and reinforces his broader message: focus on the few strong players, and ignore the noise.

The Future of Crypto Through Silbert’s Lens

Barry Silbert’s crypto views offer a stark reality check in a market flooded with new tokens and speculative hype. He believes that most of today’s cryptocurrencies will not stand the test of time—and history may prove him right. However, his optimism about Bitcoin and select privacy coins shows that there’s still meaningful innovation and value in the space—just not where many expect to find it.

For investors navigating the volatile crypto market, Silbert’s insights are a reminder to look beyond hype and evaluate digital assets with a critical eye. While 99.9% of tokens may be worthless, the remaining 0.1% could define the future of finance.

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The idea of a Bitcoin Strategic Reserve is gaining traction inside Donald Trump’s digital assets advisory council, with a controversial funding method on the table—tariffs. Bo Hines, executive director of the newly formed council, floated the proposal during a recent interview with crypto podcaster Anthony Pompliano. His remarks suggest that the White House may be seeking creative ways to amass Bitcoin without tapping into taxpayer dollars.

Tariffs as a Crypto-Funding Tool

“We’re looking at many creative ways—whether it be from tariffs, whether it be from something else,” Hines said. His comments came in response to questions about how the United States could afford to buy Bitcoin at scale.

Hines also emphasized the goal is to “acquire as much as we can get” of the world’s leading digital asset. However, he was clear that the Bitcoin Strategic Reserve must not become a financial burden on the American public. The idea, according to Hines, is to fund Bitcoin purchases through indirect means, such as tariff revenue, rather than direct public spending.

The Birth of the Bitcoin Strategic Reserve

Donald Trump first unveiled the concept of a Bitcoin Strategic Reserve at the Bitcoin Conference in 2024. The initiative became more formal in early March 2025, when he signed an executive order establishing both the Bitcoin Strategic Reserve and a broader U.S. digital asset stockpile.

At this stage, neither entity has started buying crypto outright. Instead, the focus has been on consolidating digital assets already seized by U.S. law enforcement and laying the groundwork for potential future acquisitions.

While the initial rollout appeared mostly symbolic, Hines’ comments suggest a more proactive phase could soon begin. The former president’s team is now exploring ways to grow these reserves through state-led purchases—financed creatively.

Political and Economic Ramifications

The mention of tariffs as a funding mechanism comes amid a volatile period for global trade and markets. Trump’s fluctuating tariff regime has caused market uncertainty, especially in industries reliant on imported goods. Tariffs on basic items, such as clothing, could drive prices up by as much as 45%, according to NPR.

This strategy could serve a dual purpose: penalizing foreign exporters while funneling the proceeds into Bitcoin acquisitions. However, it raises questions about how such policies would affect U.S. consumers and trade relations globally.

John Nahas, vice president of business development at Ava Labs, highlighted the ongoing tension: “The irony is you went from complete regulatory uncertainty to regulatory certainty. But now there’s general market and geopolitical uncertainty.”

A Broader Digital Asset Strategy

The idea of a Bitcoin Strategic Reserve also signals a wider pivot in U.S. policy toward digital assets. While the Biden administration was known for its cautious regulatory stance, the Trump team is embracing a more assertive and strategic approach.

Under this model, the U.S. government could become an active player in the crypto space, not just a regulator. By investing in Bitcoin, the Trump administration would signal that it sees digital assets not merely as financial instruments, but as strategic economic assets—similar to gold or foreign currency reserves.

Such a move could have ripple effects across markets. Companies like Coinbase (NASDAQ:COIN), MicroStrategy (NASDAQ:MSTR), and even global financial players like Tesla (NASDAQ:TSLA), which previously held Bitcoin on their balance sheets, may find new relevance if a national Bitcoin reserve becomes reality.

Final Thoughts

The notion of funding a Bitcoin Strategic Reserve through tariffs may sound unconventional, but it aligns with Trump’s broader political style—bold, nationalistic, and disruptive. Whether the plan moves forward depends on political will and economic feasibility. But one thing is clear: the United States is seriously exploring how digital assets can play a role in its financial and geopolitical strategy.

With Trump’s team openly seeking ways to build crypto reserves without dipping into taxpayer funds, the era of state-backed Bitcoin accumulation may be just beginning.

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