Building the Berkshire Hathaway of Bitcoin | Twenty One Capital CEO Rapha Zagury
By Patrick Green
AI summary of the source article
Twenty One Capital holds roughly 43,000 Bitcoin but trades at a discount, prompting CEO Rapha Zagury to address methods to resolve the valuation gap. Zagury examined how Twenty One calculates its mNAV, explained his reservations about using the metric for an operating company, and considered whether share buybacks could occur. He emphasized that financial backing from Tether grants Twenty One permanent capital, representing a key advantage over peer treasury companies. Zagury also explored Bitcoin acquisition targets, the potential issuance of preferred stock, lending using Bitcoin collateral, and launching a Bitcoin capital markets and energy trading arm.
Why it matters
Tether's backing provides Twenty One Capital with permanent capital, offering a potential strategic edge over competing corporate Bitcoin treasury vehicles.
Key facts
- Twenty One Capital holds roughly 43,000 Bitcoin and trades at a discount.
- CEO Rapha Zagury is considering share buybacks and examining mNAV calculations to address the discount.
- Tether provides backing to Twenty One Capital, supplying permanent capital.