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Get filing alertsTwenty One Capital CEO outlines pivot from Bitcoin treasury to operating company model
Filed July 27, 2026 · Period ending July 22, 2026 · ~1 min read
Key Changes
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New CEO Raphael Zagury (appointed July 21) repositioned XXI as a Bitcoin operating company rather than pure treasury, targeting cash-flow-positive businesses in mining and energy sectors similar to Berkshire Hathaway's model.
Exhibit 99.1 view on EDGAR → -
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CEO criticized Bitcoin treasury model as unsustainable, arguing the market dislocation allowing equity issuance above net asset value to buy Bitcoin will eventually converge back to 1x mNAV with no 'free money forever.'
Exhibit 99.1 view on EDGAR → -
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Company established shareholder value in Bitcoin terms as primary KPI, aiming to deliver alpha through lower volatility and diversification rather than leveraged Bitcoin exposure (beta).
Exhibit 99.1 view on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jul 28, 2026 · How we verify