XXI · Twenty One Capital
🇺🇸Tether-controlled, Cantor-backed bitcoin-native treasury led by Jack Mallers (founder of Strike). Built from day one to accumulate BTC. Tether bought out SoftBank's founding stake in May 2026 to take majority control.
Market cap from bitcointreasuries.net (basic share count).
BPS is the bitcoin backing each common share before senior claims (Michael Saylor's growth metric). CEBE BPS is what is left after debt and preferred (the conservative risk metric). The difference between them is Amplification, 1.21x for XXI: the senior leverage that can make a treasury outperform bitcoin when its BTC annualized return beats its cost of capital, and underperform when short-duration or high-cost liabilities come due. With no debt or preferred, BPS equals CEBE BPS and the stock should track bitcoin like an ETF. Net mNAV divides market cap by the bitcoin left for common shareholders after senior claims ($484M debt + $0M preferred). Figures as of 2026-07-08; source: Twenty One Capital 424B3 / Q1 2026 carrying value; re-reviewed 2026-07-08 (no cleaner public update). Full methodology →
Twenty One Capital is a bitcoin-native treasury built from inception to maximize bitcoin-per-share, led by Strike founder Jack Mallers. It listed via the Cantor Equity Partners SPAC and is now majority-controlled by Tether, which bought out SoftBank's founding stake for $711M in May 2026. Funding is primarily convertible notes plus equity, with no preferred stack · so its senior claims are lighter than Strategy's.
Recent SEC Filings
Source · EDGAR ↗Most recent 8-K, 10-Q, 10-K, and S-3 filings. Updated daily from EDGAR.
Frequently asked about XXI
What is XXI (Twenty One Capital)?
Tether-controlled, Cantor-backed bitcoin-native treasury led by Jack Mallers (founder of Strike). Built from day one to accumulate BTC. Tether bought out SoftBank's founding stake in May 2026 to take majority control. XXI is one of the four major public Bitcoin treasury companies tracked on Galaxy Mind alongside MSTR (Strategy), XXI (Twenty One Capital), MPJPY (Metaplanet), and ASST (Strive). See the live mNAV scoreboard at galaxymind.space/treasuries.
What is XXI's current mNAV?
XXI's mNAV (market cap divided by the value of its bitcoin holdings) is currently 0.67x. Market cap is 33% below the value of the bitcoin it holds. Historically a strong accumulation signal. The smart money has stopped paying a premium. See live updates and 90-day history at galaxymind.space/treasuries/XXI.
What is XXI's net (CEBE) mNAV?
XXI's CEBE-adjusted net mNAV is 0.81x · market cap divided by the bitcoin left for common shareholders after senior claims ($484M debt + $0M preferred), which run 17% of its BTC value. The gross mNAV (0.67x) ignores those claims · CEBE (Common Equity Bitcoin Exposure) is the conservative, net-of-leverage view. See galaxymind.space/treasuries/XXI.
Is XXI a good Bitcoin investment?
Whether XXI is a good investment depends on its current mNAV (premium or discount to its bitcoin holdings), your time horizon, and your account type (Taxable / Traditional / Roth). The Galaxy Mind allocation engine at /fit factors mNAV explicitly · when treasury mNAV is rich (≥1.6x) it auto-trims the sleeve in favor of pure-spot Bitcoin (BTC or IBIT/MSBT). Not financial advice.
How many Bitcoin does XXI hold?
XXI (Twenty One Capital) currently holds 43,514 BTC on its balance sheet. Data sourced from bitcointreasuries.net, updated every 5 minutes. View the full per-treasury comparison at galaxymind.space/treasuries.