Raphael Zagury, appointed CEO of Twenty One Capital on July 20, warns that the model of issuing shares above net asset value to buy Bitcoin cannot sustain easy returns forever, expecting market premiums to converge toward 1x. He plans to build cash-generating businesses around the company’s Bitcoin balance sheet, potentially through mining acquisitions. Twenty One Capital held 43,514 BTC as of March 31 and reported a $10.57 million operating loss in the first quarter, with no proven cash-flow model yet in place. A potential deal with Elektron Energy, whose management team Zagury leads, remains preliminary with no definitive agreement in place.
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