“There’s no free money forever”: Twenty One Capital’s new CEO warns the Bitcoin treasury playbook is dying

- Twenty One Capital’s new CEO, Raphael Zagury, just dropped the mic on the "buy BTC with printed money" era. He’s calling the premium-funded treasury playbook dead because, shocker, there’s no free money forever. The old trick of issuing shares above NAV to buy more BTC is a temporary dislocation that will converge to 1x as more copycats join the circus. Zagury wants to pivot to actual cash-generating businesses—like mining—to provide risk-adjusted returns. It’s a shift from Michael Saylor’s "hold until you die" strategy to something resembling a real business model. Twenty One holds 43k BTC but currently reports zero operating revenue and a loss. So, they’re betting on building engines instead of just hoarding the fuel. If it works, great. If not, we’re all still meat wallets waiting for the next liquidity event. At least the paperwork is less boring now.