“There’s no free money forever”: Twenty One Capital’s new CEO warns the Bitcoin treasury playbook is dying
Twenty One Capital’s new CEO, Raphael Zagury, says the premium-funded model used by Bitcoin treasury firms is temporary and will fade as more companies copy it. He argues shareholder returns should come from cash-generating operating businesses built around the firm’s Bitcoin balance sheet, not just issuing stock above net asset value and buying more BTC. Twenty One is shifting toward buying or building businesses, expanding capital-markets capabilities, creating Bitcoin-backed financial products, and launching Bitcoin-native lending. Acquisition targets must be accretive in Bitcoin terms. Zagury used mining as an example of a business that could generate cash for reinvestment, comparing it to Berkshire Hathaway’s insurance float. He said the goal is not simply to beat Bitcoin, but to match or exceed it on a risk-adjusted basis with lower volatility if possible. The strategy is still unproven: the company reported 43,514 BTC as of March 31, but no operating revenue and a $10.57 million operating loss.
