Twenty One Capital CEO: Building the Berkshire Hathaway of Bitcoin
Twenty One Capital aims to become Bitcoin's holding company
Rapha Zagury, the CEO of Twenty One Capital, has outlined a vision for his company to become what he calls the Berkshire Hathaway of Bitcoin. The firm holds roughly 43,000 Bitcoin but its stock trades at a discount to the value of those holdings. Zagury says he is working to close that gap.
The interview, published by Bitcoin Magazine on October 9, 2026, covers how Twenty One Capital is structured, why Zagury has reservations about using one common valuation metric, and how financial backing from Tether gives the company an advantage other Bitcoin treasury firms do not have.
What the interview covers
- Twenty One Capital's five-pillar strategy and how Tether's support fits into the plan
- How to calculate the company's mNAV (market value of net assets), a measure that compares a firm's stock price to its underlying asset value
- Zagury's view that mNAV is not an ideal metric for a company that is still building operations rather than purely holding assets
- The possibility of share buybacks to address the current discount
- Whether Twenty One would issue preferred stock, as Strategy did
- Plans for a Bitcoin capital markets and energy trading division
- Why Bitcoin can serve as strong collateral in lending arrangements
- How Bitcoin compares to gold in an uncertain economic environment
- The role of institutions as the next major buyers of Bitcoin
- Opportunities in mining during a hash rate downturn, and the intersection of AI and mining
Why the Tether connection matters
Zagury pointed out that Tether's backing provides Twenty One Capital with what he described as permanent capital. Stablecoins are digital assets pegged to the value of a fiat currency like the US dollar. Tether is one of the largest stablecoin issuers. Other companies that hold Bitcoin as a treasury asset typically need to raise fresh capital through stock sales or loans to acquire more of the cryptocurrency. Having a permanent source of capital from Tether means Twenty One does not face the same pressure to issue new shares at every opportunity.
What is confirmed
- Twenty One Capital holds approximately 43,000 Bitcoin at the time of the interview
- The company trades at a discount to the value of its Bitcoin holdings
- Tether provides financial backing to Twenty One Capital
- Zagury is interested in share buybacks as a way to address the discount
- The company has outlined five strategic pillars
What is still open to interpretation
Zagury expressed reservations about using mNAV as the primary valuation metric for an operating company, but he did not say the company would abandon the measure entirely. He also discussed the possibility of share buybacks and preferred stock issuance without confirming that either has been decided. The Bitcoin Magazine article is based on a video interview, so the comments represent the CEO's perspective rather than formal company announcements.
Why this matters for crypto
Companies that hold large amounts of Bitcoin are increasingly common in the crypto space. Twenty One Capital's approach differs from others in that it combines Bitcoin acquisition with ongoing operational plans, including capital markets services and energy trading. Zagury's focus on the gap between the company's stock price and its asset value highlights a common challenge for Bitcoin treasury firms: how to make shareholders see the full value of what the company holds. The Tether relationship also shows how stablecoin issuers are becoming connected to traditional corporate structures.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.