Twenty One Capital, a major publicly traded Bitcoin holder, currently trades at a significant discount to the market value of its Bitcoin holdings, with the market net asset value (mNAV) ranging from 0.57 to 0.69 depending on share count and debt considerations. This discount reflects the structural differences between owning Bitcoin directly and owning shares in a company holding Bitcoin, which includes factors like debt, operating costs, and accounting rules that mark Bitcoin to market each quarter. The CEO acknowledged this discount as a capital misallocation and emphasized that direct Bitcoin ownership remains the clearest exposure to the asset. Investors should carefully assess the mNAV calculation method, debt levels, and tax implications before choosing between direct Bitcoin investment and Bitcoin treasury stocks like Twenty One Capital.
Frasers Group PLC has increased its ownership in German fashion brand Hugo Boss to 47.89% following the close of its voluntary takeover offer. The company secured valid acceptances for over 12 million shares, representing about 17.62% of Hugo Boss's ...
Bitcoin remains near $64,000 amid market uncertainty, holding its role as crypto's benchmark with strong institutional support. Ethereum fell below $1,900 but attracted $103.9 million in U.S. ETF inflows, signaling resilient demand. Solana upgraded i...
Google has won a $10 million bankruptcy auction for Spirit Airlines' internal business data and software, which includes around 100 million emails and 500 million Microsoft Teams messages. The data will be used to improve Google's products and AI mod...
The U.S. SEC is reviewing a proposal to repeal Regulation NMS Rule 611, which currently prevents trades at prices worse than the National Best Bid and Offer (NBBO). The Hyperliquid Policy Center and Douro Labs support the repeal, arguing the rule is ...
Circle's euro-backed stablecoin EURC has surpassed €400 million in circulation after more than doubling its supply over the past year. The token is now supported across major blockchains, exchanges like Coinbase and Kraken, payment networks including...
