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Twenty One Capital CEO says Bitcoin treasury premiums will fade

The CEO, Raphael Zagury, said the company will shift toward operating businesses and Bitcoin-backed financial products rather than relying on share issuance above BTC net asset value.

Reported · Written up by our desk · Market Structure

Raphael Zagury, the newly appointed CEO of Bitcoin-focused public company Twenty One Capital, warned that the “premium-funded” Bitcoin treasury model used by firms with large BTC holdings cannot deliver easy returns forever, as more companies copy the strategy.

In remarks shared in a July 22 SEC filing, Zagury said Twenty One would build cash-generating businesses tied to its BTC balance sheet, using share issuance above net asset value as a temporary market dislocation. He argued that as this approach becomes more common, the market-value premium should converge toward 1x, though premiums could return at times.

Zagury said the company’s refreshed priorities include buying or building operating businesses, expanding capital-markets capabilities, developing Bitcoin-backed financial products, and creating a Bitcoin-native lending platform. He also set a higher bar for acquisitions, saying they must be accretive when measured against Bitcoin.

The leadership change accompanies the model shift: Zagury became CEO effective July 20 after Jack Mallers resigned as chief executive and director, and Twenty One said it is no longer pursuing a combination with Strike. Twenty One’s first-quarter filing reported 43,514 BTC as of March 31, while the same filing showed no operating-revenue line and a $10.57 million loss from operations.

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