{"id":435345,"date":"2026-07-30T14:41:47","date_gmt":"2026-07-30T09:11:47","guid":{"rendered":"https:\/\/dripp.zone\/news\/twenty-one-capitals-new-ceo-warns-the-bitcoin-treasury-playbook-is-dying-crypto-news\/"},"modified":"2026-07-30T14:47:52","modified_gmt":"2026-07-30T09:17:52","slug":"twenty-one-capitals-new-ceo-warns-the-bitcoin-treasury-playbook-is-dying-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/twenty-one-capitals-new-ceo-warns-the-bitcoin-treasury-playbook-is-dying-crypto-news\/","title":{"rendered":"Twenty One Capital&#8217;s new CEO warns the Bitcoin treasury playbook is dying &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Raphael Zagury, the newly appointed CEO of Bitcoin-focused public company Twenty One Capital, says the premium-funded model behind Bitcoin treasury firms cannot provide easy returns forever. His answer is to build cash-generating businesses around the company\u2019s BTC balance sheet.<\/p>\n<p>In a July 22 fireside chat <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2070457\/000121390026081523\/ea0299267-8k_twenty.htm\">furnished to the SEC<\/a>, Zagury described issuing shares above the net asset value of a company\u2019s <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin holdings<\/a> and using the proceeds to buy more BTC as a temporary market dislocation. As more companies copy the strategy, he said, their market-value premiums should converge toward 1x.<\/p>\n<p>\u201cThere\u2019s no free money forever,\u201d Zagury said. The premium could return, he added, but it should not remain the only source of shareholder returns.<\/p>\n<div class=\"cs-article-embed\"> <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/\" class=\"cs-article-embed__link\"><\/p>\n<div class=\"cs-article-embed__media\"> <noscript><\/noscript><img class=\"lazyload\" width=\"1024\" height=\"538\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/bitcoin-treasury-underwater-1024x538.jpg\" alt=\"Bitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Bitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster<\/h3>\n<p>For a moment, Michael Saylor was $11 billion underwater on his Strategy Bitcoin investment, and the pain is not over yet.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Feb 6, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Gino Matos<\/span><\/p>\n<\/div>\n<p> <\/a><\/div>\n<p>Twenty One had already outlined an operating-company model in May. Its <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/investors.xxi.money\/news\/news-details\/2026\/Twenty-One-Capital-Appoints-Raphael-Zagury-as-Chief-Executive-Officer\/\">refreshed priorities<\/a> now include buying or building operating businesses, expanding capital-markets capabilities, developing Bitcoin-backed financial products and creating a Bitcoin-native lending platform. Prospective acquisitions must be accretive when measured against Bitcoin.<\/p>\n<p>The shift coincides with a leadership reset. Zagury became CEO effective July 20 after Jack Mallers resigned as chief executive and director. The company said Mallers\u2019 exit was unrelated to any disagreement and that he would focus on Strike. Twenty One is no longer pursuing a combination with Strike.<\/p>\n<p>Zagury used mining to illustrate the proposed return engine. He compared its potential cash generation with the role insurance played in Berkshire Hathaway\u2019s capital-allocation model, supplying funds that could be reinvested across a portfolio. He also said Twenty One had not yet built such a model and that execution would be difficult.<\/p>\n<div class=\"cs-article-embed\"> <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoslate.com\/bitplanets-antalpha-mining-deal-tests-whether-bitcoin-treasuries-can-grow-without-constant-buying\/\" class=\"cs-article-embed__link\"><\/p>\n<div class=\"cs-article-embed__media\"> <noscript><img width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/06\/bitplanet-antalpha-overseas-bitcoin-mining-deployment-1024x576.jpg\" alt=\"Bitplanet's Antalpha mining deal tests whether Bitcoin treasuries can grow without constant buying\" loading=\"lazy\" decoding=\"async\"\/><\/noscript><img class=\"lazyload\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/06\/bitplanet-antalpha-overseas-bitcoin-mining-deployment-1024x576.jpg\" alt=\"Bitplanet's Antalpha mining deal tests whether Bitcoin treasuries can grow without constant buying\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Bitplanet&#8217;s Antalpha mining deal tests whether Bitcoin treasuries can grow without constant buying<\/h3>\n<p>The MOU points to mined-BTC revenue, but the real test is power cost, uptime, and coin retention.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Jun 25, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Liam &#8216;Akiba&#8217; Wright<\/span><\/p>\n<\/div>\n<p> <\/a><\/div>\n<p>Asked whether Twenty One was trying to outperform Bitcoin, Zagury initially agreed, then qualified that answer. Matching Bitcoin\u2019s value with lower volatility could still be a good result, he said, while beating BTC over the long term would require exceptional opportunities or irresponsible leverage. He framed mining and other operating businesses as a route to better risk-adjusted returns and said shareholder value should be measured in Bitcoin terms.<\/p>\n<div id=\"cs-inline-newsletter-6a6a6ff07b738\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\">CryptoSlate Daily Brief<\/span><\/p>\n<h3 class=\"cs-inline-newsletter__title\">Daily signals, zero noise.<\/h3>\n<p class=\"cs-inline-newsletter__copy\">Market-moving headlines and context delivered every morning in one tight read.<\/p>\n<p> <span><i class=\"fa-regular fa-bolt\" aria-hidden=\"true\"\/> 5-minute digest<\/span> <span><i class=\"fa-regular fa-star\" aria-hidden=\"true\"\/> 100k+ readers<\/span><\/p>\n<\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p class=\"cs-inline-newsletter__privacy\">Free. No spam. Unsubscribe any time.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<p> <i class=\"fa-regular fa-circle-check\" aria-hidden=\"true\"\/> <span>You\u2019re subscribed. Welcome aboard.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ.png\" target=\"_blank\" rel=\"noopener\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-550728\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ.png\" alt=\"Infographic showing Twenty One Capital\u2019s shift from above-NAV Bitcoin buying to proposed operating businesses, with reported holdings and execution caveats\" width=\"720\" height=\"1133\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ.png 1000w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ-191x300.png 191w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ-651x1024.png 651w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ-768x1208.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ-976x1536.png 976w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\"\/><\/noscript><img loading=\"lazy\" decoding=\"async\" class=\"lazyload aligncenter wp-image-550728\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ.png\" alt=\"Infographic showing Twenty One Capital\u2019s shift from above-NAV Bitcoin buying to proposed operating businesses, with reported holdings and execution caveats\" width=\"720\" height=\"1133\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ.png 1000w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ-191x300.png 191w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ-651x1024.png 651w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ-768x1208.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/ig_FPXnvCandKAxr4x7Bzg1HtaJ-976x1536.png 976w\" data-sizes=\"(max-width: 720px) 100vw, 720px\"\/><\/a><\/p>\n<p>Twenty One\u2019s <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2070457\/000121390026055938\/ea0287897-10q_twentyone.htm\">first-quarter filing<\/a> reported 43,514 BTC as of March 31. The same filing presented no operating-revenue line and reported a $10.57 million loss from operations, meaning the planned cash-flow engine had not yet appeared in reported results.<\/p>\n<div class=\"cs-article-embed\"> <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoslate.com\/metaplanet-bets-bitcoin-treasury-firms-can-survive-by-packaging-bitcoin-income\/\" class=\"cs-article-embed__link\"><\/p>\n<div class=\"cs-article-embed__media\"> <noscript><img width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/06\/metaplanet-bitcoin-bridge-to-japan-bond-market-1024x576.jpg\" alt=\"Metaplanet bets Bitcoin treasury firms can survive by packaging Bitcoin income\" loading=\"lazy\" decoding=\"async\"\/><\/noscript><img class=\"lazyload\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/06\/metaplanet-bitcoin-bridge-to-japan-bond-market-1024x576.jpg\" alt=\"Metaplanet bets Bitcoin treasury firms can survive by packaging Bitcoin income\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Metaplanet bets Bitcoin treasury firms can survive by packaging Bitcoin income<\/h3>\n<p>Regulated securities rails could give BTC treasury firms a new engine, if product demand and mNAV math hold up.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Jun 26, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Liam &#8216;Akiba&#8217; Wright<\/span><\/p>\n<\/div>\n<p> <\/a><\/div>\n<p>Zagury\u2019s discussion of using treasury assets did not announce a sale. His example of exchanging 50 BTC from a hypothetical 100-BTC treasury for a cash-generating company was explicitly hypothetical. A possible combination with Elektron Energy, the mining business whose management team he leads, remains preliminary, with no definitive agreement or assurance that a deal will be approved.<\/p>\n<p>Twenty One has therefore set a harder benchmark than accumulating Bitcoin through share issuance: building businesses that can improve returns on a Bitcoin basis. Whether those businesses can deliver better risk-adjusted returns remains an unproven strategy rather than a reported result.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Raphael Zagury, the newly appointed CEO of Bitcoin-focused public company Twenty One Capital, says the premium-funded model behind Bitcoin treasury firms cannot provide easy returns forever. His answer is to build cash-generating businesses around the company\u2019s BTC balance sheet. In a July 22 fireside chat furnished to the SEC, Zagury described issuing shares above the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":435346,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-435345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/435345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=435345"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/435345\/revisions"}],"predecessor-version":[{"id":435347,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/435345\/revisions\/435347"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/435346"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=435345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=435345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=435345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}