Twenty One Capital appointed Raphael Zagury as CEO effective July 20, 2026, tasking him with transforming the company from a passive Bitcoin accumulator into a diversified operating business. The firm holds 43,514 BTC but trades at approximately 0.7 times the value of its underlying assets, with a net loss of $413.5 million in Q2 2026. Zagury plans to build cash-flow generating businesses in Bitcoin mining, energy trading, and Bitcoin-backed credit products, using BTC as the benchmark and not the product itself, drawing a parallel to the Berkshire Hathaway model. With zero operating revenues as of early 2026, this pivot to operating businesses represents an attempt to rebuild a valuation premium on fundamentals rather than on narrative alone.
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