Twenty One Capital
XXI · NYSETreasury vehicleHighUnited States
BTC held
43,514
as of Jun 30, 2026 · 0.207% of 21M
Value now
$3.4B
at BTC $77,722
Basic mNAV
0.62×
mkt cap $2.1B as of Aug 31, 2026
Sats per share
12,553
347M shares as of Aug 10, 2026
Cost basis
- Average cost per BTC
- $84,865
- Total invested
- $3.7B
- Unrealized gain
- $-311M (-8.4%)
Treasury debt
- 1.0% convertible senior notes due 2030 issued at the Dec 2025 closing (subscription, option, exchange and engagement-letter notes); conversion price $13.00 ($10 x 130% premium); carrying value $484.5M at Jun 30, 2026; ~$5M annual interest · 1.0%$487M · due 2030
Recent activity
Holdings have been essentially static since the 2025 PIPE-funded accumulation: 43,515 BTC at Dec 31, 2025 vs 43,514 at Jun 30, 2026 (1 BTC disposed), with no 2026 purchases disclosed. The company completed its reverse merger with Cantor Equity Partners and began NYSE trading on Dec 9, 2025; on Aug 27, 2026 CEO Raphael Zagury presented on the bitcoin mining industry at Bitcoin Asia 2026, ahead of planned bitcoin-native financial services.
Risk notes
Stock (~$6.00 on Aug 28, 2026 vs a $7.68 200-day average) trades well below bitcoin NAV (trackers show ~0.6-0.7x basic mNAV); H1 2026 saw a $1.25B fair-value loss on BTC (cost basis $3.69B vs $2.55B fair value at Jun 30). The $486.5M converts (conversion price $13, deep out of the money) could require cash or BTC sales at 2030 maturity; control is concentrated with Tether/Bitfinex/SoftBank via 215.7M Class B shares, and tracker market caps generally count only the 346.6M Class A shares. Share-count scope: 346.64M economic Class A shares only — the 215.7M Class B shares carry no economic rights per the Q2 2026 10-Q, so per-share metrics use Class A alone.
Sources
- https://www.sec.gov/Archives/edgar/data/2070457/000121390026087471/ea0299640-10q_twentyone.htm
- https://www.sec.gov/Archives/edgar/data/2070457/000121390026095339/ea0303978-8k_twentyone.htm
- https://bitcointreasuries.net/public-companies/twenty-one-capital
- https://www.theblock.co/treasuries/xxi
- https://ziven.io/company/xxi
- https://www.coindesk.com/business/2025/12/04/bitcoin-focused-firm-twenty-one-sees-public-nyse-listing-on-dec-9
- https://bitcointreasuries.net/
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding XXI securities.