New CEO outlines shift from Bitcoin treasury to operating company model at Mining Disrupt 2026

Twenty One Capital, Inc.

CEO Raphael Zagury, named on July 21, 2026, presented strategy to transform Twenty One Capital into a Bitcoin operating company.
Company holds over 43,000 Bitcoin; Zagury aims to invest in cash-flow-positive Bitcoin and energy businesses.
Model inspired by Berkshire Hathaway: use mining cash flow like insurance float to allocate capital.
Goal is to deliver better risk-adjusted returns than Bitcoin, measured by shareholder value in Bitcoin terms.
Zagury criticizes pure Bitcoin treasury model as unsustainable due to mispriced risk and time dependency.

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