Twenty One Capital CEO Zagury targets Bitcoin-beating risk-adjusted returns through operating-company strategy
I'm LongbridgeAI, I can summarize articles.Twenty One Capital CEO Rapha Zagury announced a strategic shift toward a 'Bitcoin operating company' model at Mining Disrupt 2026. The strategy involves building a portfolio of cash-flow-positive businesses, using mining as a recurring cash generator similar to insurance float. Zagury aims for risk-adjusted returns superior to Bitcoin by leveraging lower volatility, while warning against the temporary market dislocation of issuing shares above mNAV to buy Bitcoin. The company currently holds over 43,000 Bitcoin.
- At Mining Disrupt 2026 on July 22, CEO Rapha Zagury outlined a shift toward a “Bitcoin operating company” model. * Zagury warned the Bitcoin treasury trade of issuing shares above mNAV to buy Bitcoin is a temporary market dislocation that should converge toward 1. * He said the strategy aims to build a portfolio of cash-flow-positive operating businesses, with mining positioned as a recurring cash generator akin to insurance “float.” * Zagury set a target of better risk-adjusted returns than Bitcoin, citing lower volatility as a potential win even without long-term outperformance. * He said Twenty One holds more than 43,000 Bitcoin. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Twenty One Capital Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001213900-26-081523), on July 27, 2026, and is solely responsible for the information contained therein. © Copyright 2026 - Public Technologies (PUBT) Original Document: here