Morning Edition · Thursday, July 30, 2026Published at 1:29 AM EDT · New York
Twenty One Capital CEO Says the Debt-Funded Bitcoin Treasury Model Is Ending
Twenty One Capital chief executive Raphael Zagury argues cash-generating businesses outperform leveraged accumulation as Goldman Sachs notes tied to Strategy are set to pay about 22 cents on the dollar at maturity.
Raphael Zagury, the new chief executive of Twenty One Capital, said the Bitcoin treasury model is ending, arguing "there's no free money forever" and that mining and other cash-generating businesses could deliver better risk-adjusted return…
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Leveraged Bitcoin Treasury Vehicles Show Financing Strain
Over ~3-9 months, Bitcoin treasury companies face mounting financing stress as their funding instruments trade below par on dividend-coverage doubts, testing the sustainability of the debt/preferred-funded accumulation model.
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