Twenty One Capital (XXI) — Market Cap vs Bitcoin NAV
Twenty One Capital (XXI) currently trades at a market cap vs Bitcoin NAV ratio of 0.61x, which means the market values the company at 38.6% discount to the underlying Bitcoin holdings. With 43,514 Bitcoin on its balance sheet worth $3,520,199,271 at the live spot price, and a market capitalisation of $2,161,300,400, XXI holds rank #61 of 68 tracked Bitcoin treasury companies by this metric on HodlingBTC.
How XXI's Market Cap vs Bitcoin NAV Is Calculated
The market cap vs Bitcoin NAV ratio for Twenty One Capital is computed as the company's market capitalisation divided by the product of its disclosed Bitcoin holdings and the Bitcoin spot price. At the last update the inputs for XXI were a market cap of $2,161,300,400, 43,514 BTC, and a Bitcoin spot price of 80,898. The resulting ratio of 0.61x quantifies how much discount (or premium, when above 1.0x) the equity market is assigning to XXI beyond the value of the underlying Bitcoin treasury. A ratio above 1.0x means the company is trading at a premium to the value of its Bitcoin stash; below 1.0x means a discount. The number does not account for operating businesses, capital structure, debt, preferred shares, or other liabilities that sit between common shareholders and the underlying Bitcoin.
What 0.61x Means for Twenty One Capital Shareholders
Twenty One Capital's ratio of 0.61x places the stock at a 38.6% discount to its Bitcoin NAV. Discounts to Bitcoin NAV typically reflect concerns that common shareholders may not capture the full value of the underlying Bitcoin. Common causes include senior debt and preferred share claims that sit above common stock in the capital structure, dilution risk from at-the-market equity programs, operating losses that consume Bitcoin holdings, or simply low trading liquidity that prevents the equity from pricing efficiently to NAV. The ratio is one input among several; capital structure, debt obligations, share class differences, and operating cash flow all influence what shareholders actually receive per share of XXI.
XXI vs Other Bitcoin Treasury Companies
How XXI compares against the 4 companies ranked closest by market cap vs Bitcoin NAV ratio on HodlingBTC's tracker:
| # | TICKER | COMPANY | HQ | RATIO |
|---|---|---|---|---|
| 59 | BTCB | Bitcoin Treasury Capital (BTC AB) | 🇸🇪 | 0.67x |
| 60 | MPJPY | Metaplanet Inc. | 🇯🇵 | 0.66x |
| 61 | XXI | Twenty One Capital | 🇺🇸 | 0.61x |
| 62 | NA | Nano Labs | 🇨🇳 | 0.55x |
| 63 | ADE | Bitcoin Group SE | 🇩🇪 | 0.54x |
See the full ranking for every public Bitcoin treasury company on the Market Cap vs Bitcoin NAV page.
Frequently Asked Questions
What is Twenty One Capital (XXI)'s market cap vs Bitcoin NAV ratio?
Twenty One Capital trades at a market cap vs Bitcoin NAV ratio of 0.61x, calculated as its market capitalisation of $2,161,300,400 divided by the value of its 43,514 BTC holdings ($3,520,199,271 at the last recorded Bitcoin spot price). This represents a 38.6% discount to the underlying Bitcoin NAV.
Why is XXI trading at a discount to its Bitcoin NAV?
discount values reflect the market's view of Twenty One Capital beyond its Bitcoin holdings alone. A discount can reflect concerns about dilution risk, debt obligations senior to common shareholders, operating losses, or limited liquidity in the underlying stock.
How often is XXI's market cap vs Bitcoin NAV updated on HodlingBTC?
The figures on this page are a snapshot, recalculated a few times each trading day rather than quoted live. Bitcoin spot price is sourced from Coinbase, market capitalisation from the latest available share count multiplied by the most recent stock price, and BTC holdings from the most recent disclosed figure in Twenty One Capital's SEC or primary-source filings.