Twenty One Capital's $2.8B BTC Pile Valued Higher Than Its Stock
Twenty One Capital's Bitcoin holdings are worth nearly $2.8 billion at current prices, significantly more than its market value of approximately $1.6 billion. However, this discrepancy is partly due to $486.5 million in convertible debt tied to 16,116 BTC on the company's balance sheet.
The CEO, Raphael Zagury, acknowledged that investors value the stock below the Bitcoin it holds, which he believes may be a misallocation of capital. The company aims to close this gap by building or acquiring operating businesses and developing products related to its treasury.
Despite the $1.27 billion net loss in the first half of 2026, driven mainly by a decline in Bitcoin's value, Twenty One does not anticipate selling any of its held coins to address liquidity needs within the next year.