Twenty One Capital (XXI) is back in focus after CEO Jack Mallers resigned on July 20, 2026, and board member Raphael Zagury stepped in as chief executive on the same date.

The CEO transition at Twenty One Capital comes after a sharp reset in investor expectations, with the share price down 42.05% over the past 90 days and the year to date share price return declining 51.40%. The 1 year total shareholder return has fallen 83.97%, pointing to fading momentum and a higher perceived risk profile at the current US$4.52 share price.

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After such a steep reset in Twenty One Capital’s share price, the gap between today’s US$4.52 and the range of estimated fair values matters more than ever. So where does a reasonable valuation band actually sit now?

Preferred Price-to-Book of 0.5x: Is it justified?

On a simple yardstick, Twenty One Capital trades at a P/B of 0.5x, which sits well below several benchmarks at the current $4.52 share price.

The price to book ratio compares a company’s market value to the accounting value of its net assets, which can be useful for asset heavy or asset backed business models. For Twenty One Capital, which is focused on holding and accumulating Bitcoin, P/B gives a rough sense of how the market is pricing its equity relative to the balance sheet.

XXI screens as “good value” on this metric, with its 0.5x P/B sitting well below both the US Capital Markets industry average of 1.2x and a peer average of 1.5x. That gap indicates investors are assigning a discount to Twenty One Capital’s equity compared with similar companies, even before considering any fair value adjustments that a more detailed model might highlight.

Result: Price-to-book of 0.5x (UNDERVALUED)

However, Twenty One Capital’s recent share price decline and current net loss of US$260.81 million highlight execution, profitability and sentiment risks that could continue to weigh on the story.

Next Steps

If this Twenty One Capital story feels pressured but unfinished, do not wait for the next headline to decide what it means for you. Review the underlying data and stress test your thesis against the 2 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.