Data checked
2026-06-21
Treasury data is a dated snapshot. Prices and NAV move intraday.
Treasury ProductCommon StockXXINYSE
Twenty One Capital
NYSE-listed bitcoin-native operating company majority-controlled by Tether, with Bitfinex as a founding backer.
5.4/10Overall score = 3.7*30% + 6.0*15% + 4.5*15% + 7.0*15% + 8.0*10% + 8.0*10% + 1.0*5% = 5.4. NAV per share uses 43,514 BTC * $64,101 BTC price / 346,810,000 shares, before cash, debt, taxes, and operating liabilities.
Key Metrics
NAV Premium / Discount
-31.37%
Market: $5.52 vs NAV: $8.04
BTC per Share
₿0.00012547
₿43,514 total BTC held
Market Price
$5.52
NYSE
Daily Volume
$11.9M
daily listed
Shares Outstanding
346,810,000
Dilution: increasing
Management Fee
None
Performance Fee
None
Inception Date
2025-12-09
Twenty One began NYSE trading after its December 2025 business combination, so the public-company record is very short (about six months) as of June 2026.
Score Breakdown
Methodology: Overall score = 3.7*30% + 6.0*15% + 4.5*15% + 7.0*15% + 8.0*10% + 8.0*10% + 1.0*5% = 5.4. NAV per share uses 43,514 BTC * $64,101 BTC price / 346,810,000 shares, before cash, debt, taxes, and operating liabilities.
View full scoring methodology →Dilution & Share Structure
increasing346,810,000 shares outstanding
Share count (about 346.81 million as of June 2026) is based on market-data and resale-registration disclosures. Twenty One has convertible notes and resale registration activity that can increase share count over time.
Fee Structure
Management Fee
None
Performance Fee
None
No product-level management fee or performance fee. Common shareholders bear public-company operating costs, future financing costs, and any dilution from securities issuance.
Governance & Disclosure
Reporting Tier
SEC Reporting
Disclosure Frequency
Quarterly and annual SEC reporting after de-SPAC
Audit Firm
Not disclosed
Liquidity Tier
daily listed
Highlights
- +One of the largest public corporate bitcoin holders, with about 43,500 BTC.
- +Common stock provides operating-company upside beyond passive bitcoin exposure.
- +Listed on the NYSE with daily trading liquidity; trades at a discount to bitcoin-only NAV (mNAV-basic about 0.69x).
Considerations
- !Very limited operating history after the de-SPAC transaction.
- !Tether bought out SoftBank's stake (about $711 million) in May 2026 and now holds majority control; a proposed three-way merger with Strike and miner Elektron Energy (April 2026) could materially change the entity.
- !Convertible notes and registered resale securities can pressure dilution and float.
- !NAV estimate is highly sensitive to BTC price and does not include all corporate assets and liabilities.
Best for
Investors comparing common-equity bitcoin treasury companies with large BTC holdings and public-market liquidity.
Evidence
Why trust this view
Verification
Sources
5 cited
Each data point is traced back to a named source listed below.
How we score
Treasury methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Sources
verifiedSEC Filing
Twenty One December 2025 closing release
Announces business-combination completion, NYSE listing under XXI on December 9, 2025, Tether/Bitfinex/SoftBank backing, and over 43,500 BTC holdings.
https://www.sec.gov/Archives/edgar/data/2070457/000121390025119445/ea026879401ex99-1_twenty.htm ↗verifiedSEC Filing
Twenty One 2026 resale prospectus
Discloses NYSE listing, securities description, dividend policy, and resale registration context for notes and shares.
https://www.sec.gov/Archives/edgar/data/0002070457/000121390026040725/ea0285344-424b3_twenty.htm ↗partialResearch
BitcoinTreasuries.net Twenty One profile
Tracks Twenty One BTC balance at 43,514 BTC and mNAV-basic of about 0.68-0.71x (June 2026); used as a third-party treasury cross-check.
https://bitcointreasuries.net/public-companies/xxi ↗verifiedResearch
Tether acquires SoftBank XXI stake / proposed merger coverage
Reports Tether proposed a three-way merger of Twenty One Capital with Strike and miner Elektron Energy (April 2026); Tether subsequently bought SoftBank's full stake (about $711 million, May 2026), giving it majority control.
https://www.coindesk.com/markets/2026/04/29/jack-mallers-twenty-one-capital-surges-after-majority-holder-tether-proposes-3-way-merger ↗partialMarket Data
StockAnalysis XXI quote and statistics
Market-data snapshot (close $5.52, market cap about $1.91 billion, 346.81 million shares as of June 18, 2026); treated as partial because live market data can move intraday.
https://stockanalysis.com/stocks/xxi/ ↗Notes
NAV per share is an estimated bitcoin-only NAV using a $64,101 BTC reference price from June 21, 2026 and excludes cash, debt, taxes, warrants, notes, and operating assets/liabilities. The roughly 31% discount corresponds to a mNAV-basic of about 0.69x, consistent with third-party trackers (about 0.68-0.71x). Tether acquired SoftBank's stake in May 2026 and a three-way merger with Strike and Elektron Energy was proposed in April 2026. Not investment advice.
Not investment advice. Pledge provides comparison data for educational purposes only. This snapshot was checked 2026-06-21. Past performance does not guarantee future results.
Affiliate disclosure. Pledge currently does not earn affiliate or referral fees from any product listed on this page. If that changes, monetized links will carry a clear ↗ AFFILIATE marker.
NAV estimates. NAV per share calculations use a reference BTC price and may not reflect all corporate assets, liabilities, debt, taxes, or operating costs.
Other Treasury Products
Also Compare
Not investment advice. Pledge provides comparison data for educational purposes only; it is not financial, investment, legal, or tax advice. Listed rates, terms, and scores can change and Pledge does not guarantee future availability, pricing, approval, or outcomes. Verify current terms with official sources before acting.
Affiliate disclosure. Pledge currently has no affiliate links, referral fees, or sponsored placements. If a paid relationship is ever added, it will be disclosed inline where it appears — and it will not affect rankings or scores.