Twenty One’s $2.8 billion Bitcoin pile is worth far more than its stock, but there’s a catch
Twenty One Capital says its stock trades at a material discount to the Bitcoin it holds, but the gap is smaller once debt is considered. As of June 30, it held 43,514 BTC, yet 16,116 BTC are pledged against $486.5 million of 1% convertible notes due 2030 and cannot be used freely. At current Bitcoin prices, the gross treasury value is about $2.77 billion versus an equity value of about $1.56 billion, implying a large discount; after adding $106.1 million in cash and subtracting the notes, the implied discount narrows to roughly 35%. The company does not expect to sell Bitcoin for liquidity over the next year, though sales remain possible in exceptional cases. It also reported a $1.27 billion first-half 2026 net loss tied mostly to Bitcoin value declines. CEO Raphael Zagury wants Twenty One to evolve beyond a treasury play by building operating businesses, capital-markets capabilities, and Bitcoin-backed lending, but execution is still limited.
