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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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high
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 → -
high
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 → -
medium
XXI holds over 43,000 Bitcoin and may exchange Bitcoin holdings for equity in operating businesses that can generate superior risk-adjusted returns.
Exhibit 99.1 view on EDGAR → -
medium
CEO presented at Mining Disrupt 2026 conference on July 22, discussing strategic priorities including operating businesses, capital allocation, M&A, and management model.
Item 8.01 verify on EDGAR →
Summary
Twenty One Capital disclosed a fundamental strategic pivot under newly appointed CEO Raphael Zagury. The company is shifting from a pure Bitcoin treasury model—where it issues equity above net asset value to accumulate Bitcoin—to an operating company model focused on acquiring cash-flow-positive businesses in Bitcoin mining and related sectors.
Zagury explicitly criticized the treasury model as unsustainable, arguing that the market arbitrage will eventually close and that risk has been mispriced across the asset class. The new strategy positions Bitcoin mining as a cash-generating engine analogous to Berkshire Hathaway's insurance operations, with proceeds reinvested in portfolio companies managed by independent teams.
The company may exchange portions of its 43,000+ Bitcoin holdings for equity in operating businesses that can deliver superior risk-adjusted returns. Performance will be measured by shareholder value in Bitcoin terms—a high bar that requires outperforming Bitcoin's price appreciation through lower volatility and diversification rather than simple leverage. For retail holders, this represents a material change in business model and risk profile. The company is moving from passive Bitcoin accumulation to active capital allocation across operating businesses, which introduces execution risk but potentially offers more sustainable value creation if the treasury model's arbitrage window is indeed closing as management argues.
Section-by-Section Diff
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On July 22, 2026, Raphael Zagury, the Chief Executive Officer of the Twenty One Capital, Inc. (the “Company”), presented in a fireside chat at the Mining Disrupt 2026 conference regarding the Company’s strategic priorities on operating businesses, capital allocation, mergers and acquisitions and management model.
The CEO participated in a public fireside chat at an industry conference to discuss the company's strategic direction across four areas: operating businesses, capital allocation, M&A activity, and management structure. The full transcript is attached as an exhibit to the filing.
Added in current filing · verify on EDGAR →
the Company’s ability to build a Bitcoin-native operating company by combining disciplined capital allocation and risk management with investments in operating businesses, capital markets capabilities
The company disclosed its strategic vision to build a Bitcoin-native operating company that integrates disciplined capital allocation and risk management with investments in operating businesses and capital markets capabilities. This forward-looking statement appears in the cautionary language and indicates the company's positioning within the Bitcoin ecosystem.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
He was just named the CEO of Twenty One Capital yesterday. Absolutely massive. Twenty One Capital is one of the largest publicly traded Bitcoin companies. They hold a little bit more than 43,000 Bitcoin, absolutely enormous.
Raphael Zagury was appointed CEO of Twenty One Capital on July 21, 2026. The company holds over 43,000 Bitcoin and is described as one of the largest publicly traded Bitcoin companies. Zagury outlined a strategic pivot away from the traditional Bitcoin treasury model toward a Berkshire Hathaway-inspired operating company model focused on acquiring cash-flow-positive businesses in the Bitcoin and energy sectors.
Added in current filing · view on EDGAR →
I think risk is, there’s no problem taking risk, right, but risk was definitely mispriced in the asset class. The way that I always saw treasury companies, from the beginning, is that I see them as a dislocation. You were taking advantage of a dislocation in the market, you know, the whole thesis of being able to issue above mNAV and continue to buy Bitcoin. It’s obvious that if everybody does that, at some point it’s gonna converge back, you know, towards 1 mNAV, right? There’s no free money forever.
The new CEO expressed skepticism about the sustainability of the pure Bitcoin treasury model, arguing that the market dislocation allowing companies to issue equity above net asset value (mNAV) to buy Bitcoin will eventually converge back to 1x mNAV. He emphasized that risk has been mispriced in the asset class and that relying solely on this arbitrage is not a sustainable long-term strategy for shareholder returns.
Added in current filing · view on EDGAR →
I think it’s a Bitcoin operating company is probably a better way to describe it. We still say we’re a Bitcoin treasury company, because that’s the category that the market gave to us, right? But I think with time, and, you know, I don’t care if we’re called a Bitcoin treasury company. It doesn’t matter at the end of the day. I think the model is what’s gonna prove, you know, that this is a different model at the end of the day.
Zagury repositioned Twenty One Capital as a Bitcoin operating company rather than a pure treasury company. The strategy involves acquiring cash-flow-positive businesses in Bitcoin mining and related sectors, similar to how Berkshire Hathaway uses insurance operations to generate capital for reallocation. He indicated the company may exchange Bitcoin holdings for equity in operating businesses that can generate superior risk-adjusted returns.
Added in current filing · view on EDGAR →
I think shareholder value in Bitcoin terms is the right KPI in this industry. It’s an extremely hard KPI to beat, but it should be, right? Alpha is hard to come around, right? Beta, which is what a lot of the current companies offer, it’s hard, but it’s leverage, right? Generating alpha, that’s true incremental gain that you’re having over an asset.
The CEO established shareholder value measured in Bitcoin terms as the company's primary performance metric. He acknowledged the difficulty of outperforming Bitcoin's price appreciation but emphasized the goal of delivering better risk-adjusted returns through lower volatility and diversification across operating businesses, rather than simply providing leveraged Bitcoin exposure.
Added in current filing · view on EDGAR →
I see mining very similar, in terms of cash flow generation, as what insurance did for Berkshire Hathaway, right? And then Berkshire Hathaway invests in other things. They invest in consumer brands. They invest, you know, in jets, invest in other things. But the whole thesis is that you’re gonna buy companies that in the long term are gonna be cash flow positive.
Zagury positioned Bitcoin mining as the core cash-generating engine for Twenty One Capital, analogous to how insurance operations fund Berkshire Hathaway's capital allocation. The strategy involves using mining cash flows to acquire and invest in other cash-flow-positive businesses within the Bitcoin and energy ecosystem, with independent management teams running portfolio companies.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 28, 2026 · How we verify