Twenty One Capital Trades at 43% Discount to Bitcoin Holdings

Twenty One Capital, a company that holds Bitcoin on its balance sheet, is trading at a significant discount to the value of its holdings. The company's chief executive, Raphael Zagury, admitted as much in a letter to shareholders. As of June 30, 2026, Twenty One Capital held 43,514 Bitcoin, which are valued at around $2.76 billion. However, the company's market capitalization is only around $1.27 billion, resulting in a discount of around 43%.

The difference between the share price and the value of the holding can be calculated using a metric called mNAV (market net asset value). This sets a company's market capitalization against the market value of its crypto holdings. In this case, the mNAV is around 0.57, indicating a significant discount.

The discount arises because of the way Bitcoin treasury companies are structured. They have a board, debt, and operating costs, which affect their share price. Additionally, convertible bonds and other senior claims are ahead of shareholders in case of liquidation, further reducing the value of the shares.