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

What happened

Bitcoin Magazine Building the Berkshire Hathaway of Bitcoin | Twenty One Capital CEO Rapha Zagury Twenty One Capital holds 43K BTC at a discount. CEO Rapha Zagury breaks down its mNAV, share buybacks, and why Tether's backing provides a permanent edge.

Bitcoin Magazine Building the Berkshire Hathaway of Bitcoin | Twenty One Capital CEO Rapha Zagury Twenty One Capital holds roughly 43,000 Bitcoin but trades at a discount, and CEO Rapha Zagury is working to fix that. He breaks down how to calculate Twenty One’s mNAV, why he doesn’t love the metric for an operating company, and whether share buybacks could be on the table. He also explains how Tether’s backing gives Twenty One permanent capital, a key edge over other treasury companies.

Key facts

• CEO Rapha Zagury breaks down its mNAV, share buybacks, and why Tether's backing — provides: a permanent edge