{"id":237680,"date":"2026-10-09T13:33:09","date_gmt":"2026-10-09T13:33:09","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=237680"},"modified":"2026-10-09T13:33:09","modified_gmt":"2026-10-09T13:33:09","slug":"building-the-berkshire-hathaway-of-bitcoin-twenty-one-capital-ceo-rapha-zagury","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=237680","title":{"rendered":"Building the Berkshire Hathaway of Bitcoin | Twenty One Capital CEO Rapha Zagury"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinmagazine.com\/\">Bitcoin Magazine<\/a><\/p>\n<p><a href=\"https:\/\/bitcoinmagazine.com\/videos\/building-the-berkshire-hathaway-of-bitcoin-twenty-one-capital-ceo-rapha-zagury\">Building the Berkshire Hathaway of Bitcoin | Twenty One Capital CEO Rapha Zagury<\/a><\/p>\n<div><\/div>\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.youtube.com\/@BitcoinMagazine\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<p class=\"wp-block-paragraph\">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\u2019s mNAV, why he doesn\u2019t love the metric for an operating company, and whether share buybacks could be on the table. He also explains how Tether\u2019s backing gives Twenty One permanent capital, a key edge over other treasury companies.<\/p>\n<p class=\"wp-block-paragraph\">Chapters:<br \/>0:00 \u2013 Twenty One CEO Rapha Zagury on Building the Berkshire Hathaway of Bitcoin<br \/>0:53 \u2013 What Twenty One Looks for in Bitcoin Acquisition Targets<br \/>3:10 \u2013 Twenty One\u2019s Five Pillars and Tether\u2019s Backing<br \/>6:57 \u2013 mNAV, the 30% Discount and Share Buybacks<br \/>9:38 \u2013 Would Twenty One Issue Preferred Stock Like Strategy?<br \/>11:01 \u2013 Building a Bitcoin Capital Markets and Energy Trading Arm<br \/>12:48 \u2013 Why Bitcoin Is the Best Collateral for Lending<br \/>15:49 \u2013 Bitcoin\u2019s Strength vs. Gold Amid Macro Uncertainty<br \/>19:21 \u2013 Institutions as Bitcoin\u2019s Next Big Buyers<br \/>21:30 \u2013 Hash Rate Bear Market, AI and Bitcoin Mining Opportunities<\/p>\n<p class=\"wp-block-paragraph\">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.<\/p>\n<p>This post <a href=\"https:\/\/bitcoinmagazine.com\/videos\/building-the-berkshire-hathaway-of-bitcoin-twenty-one-capital-ceo-rapha-zagury\">Building the Berkshire Hathaway of Bitcoin | Twenty One Capital CEO Rapha Zagury<\/a> first appeared on <a href=\"https:\/\/bitcoinmagazine.com\/\">Bitcoin Magazine<\/a> and is written by <a href=\"https:\/\/bitcoinmagazine.com\/authors\/patrickgreen\">Patrick Green<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>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\u2019s mNAV, why he doesn\u2019t love the metric for an operating company, [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":237681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-237680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/237680"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=237680"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/237680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/237681"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=237680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=237680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=237680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}