Twenty One Capital Unveils Ambitious Plan to Expand Beyond Bitcoin Treasury

Raphael Zagury, CEO of Twenty One Capital, has outlined a five-step plan to expand beyond the company's Bitcoin treasury.

The plan includes building and acquiring operating businesses, developing capital-markets capabilities, expanding into M&A, and establishing a Bitcoin-backed lending and credit business. This shift in strategy comes as Twenty One Capital reported a $413.5 million net loss for the second quarter due to the decline in value of its digital assets.

Zagury has acknowledged that the company's stock is trading at a material discount to the value of the Bitcoin it holds, and believes that the business needs to create more value beyond simply holding BTC. He sees Berkshire Hathaway as a useful model for Twenty One Capital, with a strong balance sheet at its center and independently run businesses surrounding it.

The company plans to provide a fuller update on its strategy later this year, but has already made significant changes including adding two independent directors to its board and establishing an official website and LinkedIn presence.