Twenty One Capital holds roughly 43,000 Bitcoin but currently trades at a discount to the value of those holdings, and CEO Rapha Zagury is working to close that gap. In an interview with Bitcoin Magazine, Zagury lays out his vision for building what he calls the Berkshire Hathaway of Bitcoin — a nod to the conglomerate famous for long-term capital allocation.

Zagury explains how to calculate Twenty One's mNAV — a multiple of net asset value comparing a company's market value to the value of its bitcoin holdings, and the yardstick the bitcoin treasury sector uses to judge whether such stocks trade at a premium or a discount — why he does not favor the metric for an operating company, and whether share buybacks could be on the table. He also details how Tether's backing gives Twenty One permanent capital, funding with no obligation to be repaid, a key edge over other Bitcoin treasury companies.

For a company holding tens of thousands of bitcoin, the gap between market value and the value of its holdings has become the sector's most closely watched number, which is why the discount — and how to close it — anchors the conversation.

The full conversation is available on Bitcoin Magazine: Building the Berkshire Hathaway of Bitcoin | Twenty One Capital CEO Rapha Zagury

Chapters:

• 0:00 – Twenty One CEO Rapha Zagury on Building the Berkshire Hathaway of Bitcoin
• 0:53 – What Twenty One Looks for in Bitcoin Acquisition Targets
• 3:10 – Twenty One's Five Pillars and Tether's Backing
• 6:57 – mNAV, the 30% Discount and Share Buybacks
• 9:38 – Would Twenty One Issue Preferred Stock Like Strategy?
• 11:01 – Building a Bitcoin Capital Markets and Energy Trading Arm
• 12:48 – Why Bitcoin Is the Best Collateral for Lending
• 15:49 – Bitcoin's Strength vs. Gold Amid Macro Uncertainty
• 19:21 – Institutions as Bitcoin's Next Big Buyers
• 21:30 – Hash Rate Bear Market, AI and Bitcoin Mining Opportunities

Disclaimer: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This article first appeared on Bitcoin Magazine and was written by Patrick Green.