Twenty One Capital Weighs Preferred Stock Issue for More Bitcoin Buys
Twenty One Capital is considering issuing a preferred stock instrument modeled after Strategy's STRC to raise capital for additional Bitcoin purchases, according to CEO Raphael Zagury. In an interview published on September 15, 2026, Zagury framed the idea as a practical capital-markets option rather than a completed decision.
The company listed on the New York Stock Exchange through a SPAC transaction and has positioned Bitcoin as its core reserve asset. Twenty One Capital's investor materials have repeatedly stated that management measures success against Bitcoin on a risk-adjusted basis and wants operating cash flow to support further accumulation rather than depending only on equity premiums.
Zagury proposed the STRC-style preferred stock to fund Bitcoin purchases, addressing limited equity-only financing options. Strategy's successful 2025 STRC issuance demonstrated a market for income-focused investors, prompting XXI to consider a similar tool.