Bitcoin Magazine Building the Berkshire Hathaway of Bitcoin | Twenty One Capital CEO Rapha Zagury

Twenty One Capital holds roughly 43,000 Bitcoin but trades at a discount, and CEO Rapha Zagury is working to fix that. He breaks down how to calculate Twenty One’s mNAV, why he doesn’t love the metric for an operating company, and whether share buybacks could be on the table. He also explains how Tether’s backing gives Twenty One permanent capital, a key edge over other treasury companies.

Chapters: 0:00 – Twenty One CEO Rapha Zagury on Building the Berkshire Hathaway of Bitcoin 0:53 – What Twenty One Looks for in Bitcoin Acquisition Targets 3:10 – Twenty One’s Five Pillars and Tether’s Backing 6:57 – mNAV, the 30% Discount and Share Buybacks 9:38 – Would Twenty One Issue Preferred Stock Like Strategy? 11:01 – Building a Bitcoin Capital Markets and Energy Trading Arm 12:48 – Why Bitcoin Is the Best Collateral for Lending 15:49 – Bitcoin’s Strength vs. Gold Amid Macro Uncertainty 19:21 – Institutions as Bitcoin’s Next Big Buyers 21:30 – Hash Rate Bear Market, AI and Bitcoin Mining Opportunities

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post Building the Berkshire Hathaway of Bitcoin | Twenty One Capital CEO Rapha Zagury first appeared on Bitcoin Magazine and is written by Patrick Green .

From an on-chain analytics and liquidity distribution perspective, developments around "Construindo a Berkshire Hathaway do Bitcoin | CEO da Twenty One Capital, Rapha Zagury" signal important shifts in network participation. Market participants observe that derivative funding metrics, exchange reserve telemetry, and smart contract protocol interactions reflect cautious accumulation alongside disciplined risk hedging across the sector.

Technical research analysts at Lucky Satoshi note that high-density order book clusters and volume-weighted average price (VWAP) benchmarks near recent consolidation floors will serve as pivotal indicators. Market observers are advised to cross-examine telemetry on verified block explorers before making capital allocations.

Editorial Fact-Check & Verification Note: This briefing was curated, corroborated, and synthesized by the Lucky Satoshi Editorial Desk. Readers following "Construindo a Berkshire Hathaway do Bitcoin | CEO da Twenty One Capital, Rapha Zagury" are encouraged to review the full primary source coverage linked below for complete historical context, direct quotes, and official statements.