---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-081523"
form_type: "8-K"
ticker: "XXI"
cik: "0002070457"
company_name: "Twenty One Capital, Inc."
filed_at: "2026-07-24T22:51:56+00:00"
generated_at: "2026-07-27T10:06:03.466168+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-26-081523
- form_type: 8-K
- ticker: XXI
- cik: 0002070457
- company_name: Twenty One Capital, Inc.
- filed_at: 2026-07-24T22:51:56+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2070457/000121390026081523/0001213900-26-081523-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2070457/000121390026081523/ea0299267-8k_twenty.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-081523
- JSON: https://secwatch.observer/filing/0001213900-26-081523.json
- Plain text: https://secwatch.observer/filing/0001213900-26-081523.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.