Twenty One Capital CEO on Closing the Bitcoin Discount

Bitcoin Magazine

Building the Berkshire Hathaway of Bitcoin | Twenty One Capital CEO Rapha Zagury

Twenty One Capital holds approximately 43,000 Bitcoin yet its shares trade at a discount, a situation CEO Rapha Zagury aims to correct. He details the method for determining Twenty One's mNAV, his reservations about using that metric for an operating company, and the possibility of share buybacks. He also discusses how Tether's support provides Twenty One with permanent capital, giving it an advantage over other treasury firms.

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

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