Twenty One Capital says investors value its shares below its Bitcoin holdings even as 37% of the treasury remains pledged against debt. On Aug. 11, the company’s CEO Raphael Zagury told shareholders that XXI was trading at a “material discount” to the Bitcoin it holds, describing the gap as a potential misallocation of capital. The company’s second-quarter SEC filing shows why that comparison is more complicated than its headline Bitcoin balance.
Source: CryptoSlate

