Bitcoin Magazine published an interview-focused piece on Twenty One Capital under the headline “Building the Berkshire Hathaway of Bitcoin,” featuring CEO Rapha Zagury. The post is credited to Patrick Green.
According to the program summary, Twenty One Capital holds roughly 43,000 BTC, but its shares trade at a discount. Zagury said he is working on how to close that gap. He also explains how to calculate Twenty One’s mNAV, while adding that he does not particularly favor the metric for an operating company.
mNAV, discount and buyback discussion
The chapter outline says the interview includes a section on mNAV, a 30% discount and possible share buybacks. In that part of the conversation, Zagury breaks down the mNAV framework and discusses why he does not see it as an ideal measure for a company that is meant to operate rather than simply hold assets.
The summary also says buybacks could be on the table.
Tether backing and capital structure
Zagury says Tether’s backing gives Twenty One permanent capital. The program presents that as a key advantage over other treasury companies.
The interview also covers what Twenty One looks for in bitcoin acquisition targets, the company’s five pillars, and whether it would issue preferred stock in a way similar to Strategy.
Expansion plans and market topics
Beyond valuation, the discussion moves into plans to build a bitcoin capital markets and energy trading arm. Zagury also explains why he sees bitcoin as the best collateral for lending.
Later chapters turn to bitcoin’s strength versus gold during macro uncertainty, institutions as bitcoin’s next major buyers, and mining opportunities during a hash-rate bear market, with AI also part of that discussion.
Disclaimer and source details
The disclaimer attached to the program says the views and opinions expressed are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or affiliated entities. It also says the content is for informational and educational purposes only and should not be treated as investment, legal, tax, or accounting advice, or as a solicitation, recommendation, endorsement, or offer to buy or sell securities or financial instruments.
The original post first appeared on Bitcoin Magazine.