XXI Twenty One Capital

mNAV0.93×

EV mNAV^†1.05×

Coins/share growth+15.8% YTD

Inputs and sources

Item	Value	As of	Source
BTC price	$76,000.01	2026-11-07 16:18 KST	Binance
Stock price	5.48 USD	2026-11-07 06:00 KST	Yahoo Finance
Coins held	43,514	2026-06-30	10-Q
Shares outstanding	562,372,222	2026-08-10	10-Q
Cash & USD assets	$106,132,084	2026-06-30	10-Q
Debt (face)	$486,500,000	2026-06-30	10-Q
Preferred (liquidation pref.)	none	—	—

Coin value: 43,514 × $76,000.01 = $3.31B
Market cap: 562,372,222 sh × $5.48 = $3.08B
mNAV: $3.08B ÷ $3.31B = 0.93×
EV mNAV: ($3.08B + debt $486.5M + preferred 0 − cash $106.1M) ÷ $3.31B = 1.05×
Coins / 1,000 shares: 0.0774 BTC
1.0× price: $5.88
Implied BTC price: $70,823.18
Avg purchase price: $84,865 2026-06-30 · 10-Q
vs. cost: -10.4% −$385.8M
Debt/NAV: 15%
Class A only: 0.57× 346,636,211 sh

BTC $

Stock at current mNAV (0.93×)—

Stock at 1.0×—

Stock price USD

mNAV—

Implied BTC price—

As of	Holdings	Change	Shares	Source
2026-06-30	43,514	+0	562,543,847	10-Q
2026-03-31	43,514	-1	651,390,912	filing
2025-12-31	43,515	+1	651,390,912	filing
2025-12-08	43,514			filing