Twenty One Capital CEO outlines strategy to outperform Bitcoin

Twenty One Capital's newly appointed CEO, Raphael Zagury, has outlined a new strategic roadmap designed to transform the firm from a passive Bitcoin holding company into an active, cash-generating conglomerate modeled after Berkshire Hathaway. As of June 30, 2026, Twenty One Capital holds 43,514 BTC on its balance sheet. However, the company faces significant valuation challenges, with its market normalized asset value trading at approximately 0.7x its underlying crypto assets, compounded by a Q2 2026 net loss of $413.5 million. To eliminate the net asset value discount and rebuild a market premium, Zagury detailed five core strategic priorities in an August 11 shareholder letter. These include strengthening governance, pursuing acquisitions, establishing Bitcoin-backed lending products, and developing operating units across Bitcoin mining and energy trading. By generating real operational cash flows rather than relying purely on Bitcoin price appreciation, the firm aims to reinvest earnings to compound its Bitcoin holdings and provide risk-adjusted outperformance over holding raw spot BTC.