Twenty One Capital holds 43,514 BTC valued at approximately $2.77 billion at current Bitcoin prices, yet its market capitalization stands at only $1.56 billion, representing a 44% discount to the gross value of its Bitcoin holdings. The issue: 16,116 BTC, or 37% of the treasury, are pledged as collateral for $486.5 million in 1% convertible notes due in 2030, restricting the use of those assets for general liquidity or corporate purposes. The company reported a net loss of $1.27 billion in the first half of 2026, driven primarily by a $1.25 billion decline in Bitcoin fair value. CEO Raphael Zagury aims to develop operating businesses, lending services, and Bitcoin-backed credit products to close the valuation gap, though execution of these plans remains limited at this stage.
Source: Read the original article
