Well, the FT Alphaville team was -- let's say -- less enthusiastic about the Twenty One Capital "You Can Just Do Things" approach (#957321) from the other day.

it’s a company made of bitcoin, that will issue debt or equity to buy more bitcoin, with presumably the aim of either making its price rise, or not fall. Alongside these core functions, it will also create “educational material” about bitcoin and act as a content partner and adviser to other people who are interested in bitcoin. Diversified, this is not.

Yeah, terrifying. Financialization of everything -- including bitcoin, the thing brought into existence by god/the universe to un-financialize our overfinancialized markets. Oh, well.

The other new metric is Bitcoin Return Rate, the rate at which BPS grows. When MicroStrategy’ has already gifted to the world the nonsense concept of “bitcoin yield” it’s hard to see why BRR needs its own name, but we’re sure it’ll make for nice charts.
Anyway, since words like “pure play”, “capital-efficient” and “streamline” being thrown around, investors are no doubt expecting a clear-cut transaction structure.

They kind of have a point, when looking at this altogether absurd diagram:

...and author's snaz at the end is on point:

Anyone who gets their head around that and feels comfortable that they wished to get involved could get in touch with the deal’s sole placement agent, Cantor Fitzgerald — where Brandon Lutnick is chair. How did they get the gig?

non-paywalled here... but it's Alphaville so should be open.
https://archive.md/jlDIM