The rise of bitcoin treasury companies is reshaping capital markets, with firms like Twenty One behind a seemingly transformative wave. Greg Cipolaro, Global Head of Research at NYDIG, recently highlighted the significant “dry powder” these companies possess, capable of driving bitcoin prices higher. This trend, rooted in the business model of Strategy (formerly Microstrategy), is gaining momentum, with 69 public companies now holding 720,898 bitcoins worth $69.6 billion. Excluding Strategy, their holdings total $16.1 billion,