Twenty One Capital Considers Buybacks to Address 30% Discount on 43,000-Bitcoin Treasury

Twenty One Capital is evaluating share buybacks and preferred equity issuances as its shares trade at an estimated 30% discount to its modified net asset value. Backed by permanent capital partner Tether, the firm holds approximately 43,000 Bitcoin in its corporate treasury. Led by CEO Rapha Zagury, the company aims to build a diversified conglomerate modeled after Berkshire Hathaway. Its strategy involves expanding beyond a passive holding structure into operational initiatives, including Bitcoin capital markets, collateralized institutional lending, energy-trading infrastructure, and Bitcoin mining.