Twenty One's new CEO and the treasury-company debate: what to watch in Lugano

A bitcoin treasury company is a listed company that holds bitcoin on its balance sheet, so buying its shares gives indirect exposure to bitcoin. On 24 October two sessions in Lugano are about these companies: a keynote by the new CEO of Twenty One Capital, and a debate about their future.

Twenty One Capital (NYSE: XXI) appointed Raphael "Rapha" Zagury as chief executive, effective 20 July 2026. He replaced Jack Mallers, who stepped down to focus on Strike. Zagury had been an independent director of the company.

In the announcement Zagury said: "Twenty One holds one of the largest Bitcoin balance sheets in the public markets. My job is to build the operating company around it…"

In a letter to shareholders on 11 August, Zagury set out five priorities for the year ahead. They include:

• building capital-markets capabilities, using bitcoin as an asset to hold, collateral to lend against and a base for financial products;
• building a mergers and acquisitions capability;
• building towards a lending and credit business against bitcoin collateral, "done conservatively, with low leverage."

Investors often compare a treasury company's market value with the value of the bitcoin it holds. That ratio is called mNAV. Below 1 means the shares trade below the value of the company's bitcoin.

In a Bitcoin Magazine interview published on 9 October, Twenty One is described as holding roughly 43,000 BTC while trading at a discount. One chapter is titled "mNAV, the 30% Discount and Share Buybacks". The interview also covers why, in Zagury's view, Tether's backing gives Twenty One permanent capital.

• 24 Oct, 11:45 Lugano / 12:45 MSK, WAGMI Stage: "Twenty One Capital: Building the Bitcoin Operating Company", keynote by Rapha Zagury.
• 24 Oct, 18:00 / 19:00, WAGMI Stage: debate "Treasury Companies during the next Bull Market" between Jimmy Song and Alexandre Laizet (board director, Capital B), moderated by Stephan Livera.