Twenty One Capital CEO Outlines Plan to Build Bitcoin’s Berkshire Hathaway

Bitcoin's Berkshire Hathaway — Rapha Zagury, CEO of Twenty One Capital, detailed his firm’s strategy to become a dominant, long-term capital allocator in the Bitcoin ecosystem, akin to Warren Buffett’s Berkshire Hathaway.

Zagury explained that his firm, backed by Tether, holds approximately 43,000 Bitcoin and uses this “permanent capital” as a key advantage. This structure allows Twenty One to pursue long-term acquisition targets and build operational businesses without the pressure of short-term redemptions faced by other treasury companies.

The CEO addressed the company’s trading discount to its modified net asset value (mNAV), a metric he dislikes for an operating company. While share buybacks remain a possibility, Zagury emphasized a focus on deploying capital into Bitcoin-native ventures, including capital markets and energy trading operations, to build intrinsic value beyond the Bitcoin on its balance sheet.

Zagury also highlighted Bitcoin’s superiority as collateral for lending compared to traditional assets and predicted institutions will be the next major wave of buyers, drawn to Bitcoin’s strength as a monetary asset amid macroeconomic uncertainty.