Twenty One Capital is positioning itself as a Bitcoin-focused operating and capital-markets company, with roughly 43,000 BTC on its balance sheet and shares trading at a discount to the value of its holdings. Chief executive Rapha Zagury discussed the strategy, valuation and financing options in an interview reported by Bitcoin Magazine.
A large Bitcoin treasury with a valuation gap
The company’s central asset is its Bitcoin treasury, which Zagury said contains about 43,000 BTC. Despite that holding, Twenty One Capital’s shares trade at a discount, creating a gap between the company’s market value and the value attributed to its Bitcoin and other activities.
A key measure in this discussion is mNAV, or market net asset value. The metric compares a company’s market value with the value of its net assets, including its Bitcoin holdings. Zagury discussed how Twenty One’s mNAV can be calculated and referred to a discount of about 30%.
He also questioned how useful mNAV is when assessing an operating company rather than a vehicle whose only purpose is to hold Bitcoin. In his view, the company’s valuation should also reflect the businesses and capabilities it is developing around its treasury.
Buybacks, financing and Tether’s role
Zagury addressed whether share buybacks could help narrow the discount. A buyback reduces the number of shares outstanding and can change the relationship between a company’s market price and the value of its assets. He did not present a confirmed buyback programme in the material provided.
He also discussed whether Twenty One Capital might issue preferred stock, following a financing approach associated with Strategy. The interview did not establish that such an issuance has been approved or launched.
A central part of the company’s structure is its relationship with Tether. Zagury said Tether’s backing provides Twenty One with permanent capital, which he described as a lasting advantage over other Bitcoin treasury companies. The source material does not provide the size or terms of that backing.
From treasury company to broader platform
The strategy extends beyond holding Bitcoin. Zagury described plans to build Bitcoin capital-markets and energy-trading operations, while also discussing Bitcoin as collateral for lending. These activities would place the company closer to an operating financial platform than a passive cryptocurrency holding vehicle.
The interview also covered Bitcoin’s position relative to gold during macroeconomic uncertainty, the possibility that institutions will become the next major group of Bitcoin buyers, and opportunities created by changes in Bitcoin mining economics. It further addressed the mining market’s bear phase and the relationship between mining and artificial intelligence.
Current market picture
Moneyiar market data at 12:04 p.m. Tehran time on October 11, 2026, showed Bitcoin at $83,116.81, up 0.40% over 24 hours but down 2.59% over seven days. Ethereum stood at $2,504.80, with a 0.43% daily gain and a 7.25% weekly decline. Tether USDt was priced at $0.9990, unchanged over 24 hours and down 0.08% over seven days.
