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

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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.

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.

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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