Twenty One Capital CEO Zagury targets Bitcoin-beating risk-adjusted returns through operating-company strategy
XXI•XXI•XXI•XXI•At Mining Disrupt 2026 on July 22, CEO Rapha Zagury outlined a shift toward a “Bitcoin operating company” model.
Zagury warned the Bitcoin treasury trade of issuing shares above mNAV to buy Bitcoin is a temporary market dislocation that should converge toward 1.
He said the strategy aims to build a portfolio of cash-flow-positive operating businesses, with mining positioned as a recurring cash generator akin to insurance “float.”
Zagury set a target of better risk-adjusted returns than Bitcoin, citing lower volatility as a potential win even without long-term outperformance.
He said Twenty One holds more than 43,000 Bitcoin.
