Zagury’s message was blunt: the stock is trading at a significant discount to the company’s Bitcoin holdings, and that gap points to what he called a misallocation of capital. AdvertisementDo the math with Bitcoin near $63,700 and you get $2.77 billion in gross Bitcoin value. That’s a firm stance, but it also means the gap between stock price and Bitcoin value won’t close through asset sales. The Bitcoin treasury model — pile up coins, watch the stock track Bitcoin’s price — worked well enough for companies like MicroStrategy when Bitcoin was running hot. Frequently Asked Questions How much Bitcoin does Twenty One Capital hold, and what is it worth?