Twenty One Capital ($XXI) CEO Rapha Zagury just published a shareholder letter outlining how he plans to lead the company forward.
First, finishing the corporate foundation with governance, controls, key hires, and reporting.
Second, building and acquiring operating businesses using the Berkshire model, "a strong balance sheet at the center, independent operating companies around it."
Third, developing capital-markets capabilities with instruments "backed by the recurring revenues of operating businesses, at a lower cost of capital."
Fourth, M&A. "Our industry is in a deep reset. Assets, teams, and infrastructure are repricing."
Fifth, building a lending and credit business around bitcoin as collateral.
On the stock trading below NAV, "That gap could be viewed as a misallocation of capital; we share that view."
On communication, "Transparency and constant posting are not the same thing."
First, finishing the corporate foundation with governance, controls, key hires, and reporting.
Second, building and acquiring operating businesses using the Berkshire model, "a strong balance sheet at the center, independent operating companies around it."
Third, developing capital-markets capabilities with instruments "backed by the recurring revenues of operating businesses, at a lower cost of capital."
Fourth, M&A. "Our industry is in a deep reset. Assets, teams, and infrastructure are repricing."
Fifth, building a lending and credit business around bitcoin as collateral.
On the stock trading below NAV, "That gap could be viewed as a misallocation of capital; we share that view."
On communication, "Transparency and constant posting are not the same thing."
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