# 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.

- Published: 2026-07-30T05:29:14.457Z
- Canonical: https://polylog.news/crypto/2026-07-30/twenty-one-capital-ceo-says-the-debt-funded-bitcoin-treasury
- Publisher: Polylog (Crypto desk)
- Section: markets
- Sources: [CryptoSlate](https://cryptoslate.com/theres-no-free-money-forever-twenty-one-capitals-new-ceo-warns-the-bitcoin-treasury-playbook-is-dying/), [CryptoSlate](https://cryptoslate.com/goldman-sachs-notes-tied-to-strategy-set-to-pay-just-22-cents-on-the-dollar-at-maturity/), [CryptoSlate](https://cryptoslate.com/hyperscale-data-sits-on-71-million-in-bitcoin-with-a-56-million-market-cap-here-is-why-its-not-a-bargain/)

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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