Welcome to the US Cryptocurrency Morning Briefing. Here are today's cryptocurrency news.
The CEO and co-founder of Twenty-One Capital has chosen to go against the trend of institutional adoption of Ethereum (ETH).
Twenty-One Capital to Not Hold Ethereum and Solana
Ethereum is attracting attention as the largest altcoin by market capitalization, with increasing institutional adoption.
This network is now 10 years old, and the industry is looking back, contemplating the future, and understanding how the blockchain dream has grown.
As we enter the start of the next 10 years, companies are adopting it as a financial asset strategy. Standard Chartered predicts that financial managers will hold 10% of Ethereum's supply. Notably, as of July 30, they only hold 1%.
While public companies are increasing their Ethereum holdings, Twenty-One Capital has chosen not to hold ETH and Solana (SOL).
In an interview with Bloomberg, James Mallers, founder and CEO of Twenty-One Capital, revealed that the company holds over 43,000 BTC and has $1.3 billion in unrealized gains.
Twenty-One Capital emphasized its plan to pioneer a new method of evaluating asset growth and assess performance based on Bitcoin.
"We're not trying to beat the S&P in dollars. We want to perform based on Bitcoin. This is the sovereign currency network we're betting on," Mallers said in the interview.
In this context, Mallers explained that Twenty-One Capital will not deal with Ethereum or Solana, viewing BTC as the new sovereign currency and not a tech stock. Focusing on BTC, Ethereum, Solana, or other smart contract chains are not part of Twenty-One Capital's portfolio strategy.
For Mallers, holding ETH or SOL would be betraying the company's founding principles.
"We don't allocate to ETH or SOL. That's not our philosophy. Bitcoin is not a tech stock. It's a sovereign currency asset. This is not about yield farming or L2 TPS metrics. It's about money," he said.
Why Twenty-One Capital Doesn't Touch Altcoins
Mallers drew a line between currency networks and speculative technology platforms masquerading as currency.
While some asset managers see diversification as essential, Mallers argues that Bitcoin is the most diversified asset in history because it transcends borders, regimes, and counterparty risks.
"We're building exposure to the global currency system. We're not investing in protocol upgrades or new tokenomics," Mallers said.
He claimed that Ethereum's continuous technological developments, such as The Merge or Pectra Upgrade, transform it into another technological cycle.
Dismissing Ethereum, Developers Continue Development
While Jack Mallers dismisses Ethereum and Solana as "tech stocks" unsuitable for sovereign-grade currency, some ecosystems view Ethereum's role as the backbone of decentralized infrastructure.
Alon Muroch, co-founder of SSV Labs and core contributor to SSV Network, presented a contrasting long-term vision.
"By 2035, Ethereum can process billions of daily transactions, creating the foundation for an open digital economy through quantum-resistant cryptography and AI-based smart contracts," Muroch stated to Beincrypto.
Despite Mallers' clear Bitcoin maximalism, Muroch points to Ethereum's broader future, saying it transcends being classified as a technology platform. Toman Lee, CIO of Fundstrat Capital, agrees.
"On Ethereum's 10th birthday, ETH will probably be the most important macro theme for the next 10 years because Wall Street is moving to financialize business on blockchain," Lee said in a post.
- Another cryptocurrency giant is drawing Wall Street's attention with a value of $15 billion.
- Brian Quintenz's CFTC nomination is uncertain due to his association with the Calyx board.
- Cryptocurrency scandal: A pastor promises divine wealth, and a widow loses $17 million.
- World Liberty Financial invests $10 million in Falcon Finance, a synthetic dollar project.
- BNB's all-time high enthusiasm cools down as mid-term holders sell.
- About 33% of Bitcoin's supply is vulnerable to quantum attacks due to this habit.
- Four warning signs indicate Ethereum may enter a price correction in August.
- Pump.fun is under pressure after a 60% token collapse along with market share breakdown.
Major Cryptocurrency Stocks
| Company | Closed on July 29 | Market Overview |
| MicroStrategy (MSTR) | $394.66 | $396.50 (+0.47%) |
| Coinbase Global (COIN) | $371.44 | $372.50 (+0.29%) |
| Galaxy Digital Holdings (GLXY) | $26.76 | $27.40 (+2.39%) |
| Marathon Holdings (MARA) | $16.61 | $17.21 (+3.61%) |
| Riot Platform (RIOT) | $13.60 | $13.69 (+0.66%) |
| Core Scientific (CORZ) | $13.19 | $13.17 (-0.15%) |
