Twenty One Capital Shifts Strategy to Focus on Cash-Generating Businesses

Raphael Zagury, the new CEO of Twenty One Capital, has announced that the company will shift its focus to adding cash-generating businesses around its Bitcoin treasury.

Zagury expects share-price premiums over Bitcoin holdings to compress toward 1x, and said 'there's no free money forever.'

The company had previously outlined an operating-company model in May, but has now updated its priorities to include building operating businesses, expanding capital-markets capabilities, developing Bitcoin-backed financial products, and creating a Bitcoin-native lending platform.

Zagury used mining as an example of the type of cash-generating business that Twenty One Capital could acquire or build, suggesting that it could provide better risk-adjusted returns measured in Bitcoin.