According to André Dragosch (@Andre_Dragosch), the Cantor Equity Partners SPAC for Twenty One has surged nearly 200%, pushing its implied market capitalization to $12 billion. With approximately $4 billion in bitcoin holdings, this move means Twenty One is trading at a 3x NAV premium. For traders, this significant premium over net asset value signals heightened market optimism and potential volatility, particularly for those seeking exposure to bitcoin-related equities. Source: André Dragosch on Twitter.

According to @LightCrypto on Twitter, MicroStrategy (MSTR) may not be able to avoid generating yield on their Bitcoin holdings indefinitely, as competition from new entrants such as Twenty One is expected to compress the net asset value (NAV) premium for all similar companies. The analysis highlights that firms utilizing covered call strategies or comparable yield-generation approaches could potentially maintain or enhance their NAV premiums compared to passive holders like MSTR. This dynamic suggests that trading the NAV premium of MSTR and similar Bitcoin-exposed equities may become increasingly relevant as more competitors enter the space and deploy active yield strategies (source: @LightCrypto on Twitter).