Twenty One Capital is building a permanent Bitcoin treasury by utilizing a strategic partnership with Tether and a disciplined market-to-NAV (mNAV) model to acquire BTC at a discount. Unlike traditional spot ETFs that simply track price, CEO Rapha Zagury’s strategy involves using corporate share buybacks when the stock trades below the value of its underlying 43,000 BTC holdings. This Berkshire-style approach allows the firm to increase the Bitcoin-per-share ratio for investors, creating a compounding effect that rewards long-term holders rather than just tracking daily market fluctuations.
The collaboration with Tether is central to this mission, providing the firm with a stable financial backbone and a permanent capital edge. In the 2026 market landscape, where institutional Bitcoin vehicles are becoming increasingly sophisticated, Twenty One Capital distinguishes itself by avoiding the redemption pressures faced by open-ended funds. By operating as a corporate entity with a fixed capital base, the firm can weather extreme volatility and aggressively accumulate assets when the market undervalues their treasury.
For US-based investors and regulators, this model represents the next evolution of Bitcoin as a corporate reserve asset. As of early 2026, the shift from passive ETF holdings to active balance sheet management is gaining momentum among publicly traded companies. The ability to use Bitcoin as a foundational layer for a diversified financial conglomerate mirrors the early days of Warren Buffett’s insurance-led expansion, but replaces traditional float with the world’s most liquid digital commodity.
Moving forward, market participants should closely monitor Twenty One Capital’s mNAV transparency reports and the frequency of their share buybacks. These metrics will serve as a bellwether for the success of the 'Bitcoin-native' corporate model. If the firm successfully maintains its premium or effectively manages its discount through buybacks, it may prompt other large-scale BTC holders to transition from passive trusts to active, Berkshire-style investment vehicles.