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Twenty One weighs operating push as $2.8B Bitcoin pile stays pledged
About 16,116 BTC are tied up in $486.5 million of 1% convertible notes due in 2030, limiting their use for general liquidity.
Twenty One Capital, the public company with a large Bitcoin treasury, is trading at what its CEO calls a material discount to its Bitcoin holdings, but the valuation gap is complicated by debt-linked Bitcoin pledges, according to CryptoSlate.
As of June 30, Twenty One held 43,514 BTC, but 16,116 BTC secure $486.5 million of 1% convertible notes due in 2030. CryptoSlate notes that those pledged coins cannot be used for general corporate purposes or liquidity while they are pledged.
At Bitcoin prices near $63,700 at the time of the analysis, the company’s treasury value was roughly $2.77 billion versus an equity value of about $1.56 billion based on the Aug. 11 close, implying the stock was around 44% below the gross value of its Bitcoin balance. After adding $106.1 million of cash and subtracting the $486.5 million note principal, CryptoSlate says the simplified net value is about $2.39 billion, narrowing the implied discount to roughly 35%.
CryptoSlate also reports that Twenty One does not expect to sell any Bitcoin acquired over the next 12 months to meet liquidity needs after its business combination closes, though it left open sales in exceptional circumstances such as operating requirements, regulatory obligations, or strategic investments. The company posted a $1.27 billion net loss for the first half of 2026, driven largely by a $1.25 billion decline in Bitcoin fair value, while CEO Raphael Zagury said Twenty One must become more than a Bitcoin treasury through operating businesses, capital markets expansion, and Bitcoin-backed lending and credit products.
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