Twenty One Capital Builds Bitcoin Operating Model With 43,000-Bitcoin Treasury

Twenty One Capital is building a Bitcoin-focused operating and capital-markets business around roughly 43,000 Bitcoin (BTC), while addressing a market valuation below the value of its holdings.

The company’s market net asset value, or mNAV, is discussed at about a 30% discount. CEO Rapha Zagury has questioned whether mNAV is the best measure for an operating company rather than a passive Bitcoin treasury vehicle.

Share buybacks are one potential way to address the discount. Zagury also discussed whether Twenty One could issue preferred stock, similar to Strategy.

Tether’s backing provides Twenty One with permanent capital, distinguishing the company from treasury firms that rely primarily on repeated market fundraising.

Beyond holding Bitcoin, Twenty One plans to develop Bitcoin capital-markets and energy-trading operations. The strategy also includes using Bitcoin as collateral for lending and pursuing institutional demand as the asset gains broader participation.

The company is evaluating opportunities in Bitcoin mining as the industry faces changing economics linked to hash rates and artificial-intelligence infrastructure. The broader plan positions Twenty One as an operating company built around Bitcoin rather than solely as a vehicle for holding the asset.