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Twenty One Capital CEO says Tether backing provides permanent capital

The firm holds roughly 43,000 Bitcoin and trades at a discount, and its CEO discusses mNAV calculations and whether buybacks could be used.

Reported · Written up by our desk · Market Structure

Bitcoin Magazine reports that Twenty One Capital CEO Rapha Zagury is working to close the gap between the company’s bitcoin holdings and its market valuation, describing the effort as building a long-term, Berkshire Hathaway style bitcoin treasury.

According to Bitcoin Magazine, Twenty One Capital holds roughly 43,000 Bitcoin and trades at a discount, and Zagury walks through how to calculate the firm’s mNAV, the metric tied to that discount.

The outlet also says Zagury discussed whether share buybacks could be on the table and noted why he does not view mNAV as ideal for an operating company.

Bitcoin Magazine adds that Zagury pointed to Tether’s backing as giving Twenty One what he called permanent capital, positioning it as a potential edge versus other treasury companies.

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