Twenty One Capital CEO outlines strategy to outperform Bitcoin

Most companies that pile Bitcoin onto their balance sheets are making a single bet: that BTC goes up. Twenty One Capital wants to do something more ambitious, and its new CEO is spelling out exactly what that looks like. Raphael Zagury, appointed chief executive effective July 20, 2026, is repositioning Twenty One Capital from a passive Bitcoin accumulator into something closer to a diversified operating company, with Bitcoin as the measuring stick for every decision the firm makes. Bitcoin as the benchmark, not the product The core of Zagury’s thesis is deceptively simple: Bitcoin is not the goal, it is the baseline. If an investment cannot beat BTC on a risk-adjusted basis, it is not worth making. In an August 11 shareholder letter, Zagury outlined five strategic priorities: strengthening governance, developing operational businesses, advancing capital-markets capabilities, pursuing selective acquisitions, and building out Bitcoin-backed lending and credit products. The reference point he keeps returning to is Berkshire Hathaway, the conglomerate that Warren Buffett built by letting operating businesses generate cash, then redeploying that cash into more assets. The analogy is cl...