Home Twenty One Capital Considers Preferred Stock To Fund More Bitcoin Buying

Twenty One Capital Considers Preferred Stock To Fund More Bitcoin Buying

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Twenty One Capital Considers Preferred Stock To Fund More Bitcoin Buying
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Twenty One Capital is considering a preferred stock instrument modelled on Strategy’s STRC as a way to raise capital for additional Bitcoin purchases, CEO Raphael Zagury said. The idea is still under consideration, with no terms, launch date, offering size or securities filing announced.

Zagury discussed the proposal in a September 15 interview, describing it as one possible financing tool for the company’s Bitcoin treasury strategy. A preferred stock could give Twenty One another way to raise money without relying entirely on common-stock issuance, while proceeds could potentially be used to acquire more Bitcoin.

Zagury became CEO of Twenty One Capital on July 20, 2026, after Jack Mallers stepped down to focus on Strike, his Bitcoin-focused payments company.

Twenty One Capital Considers Preferred Stock To Fund More Bitcoin Buying

Source: x.com

Twenty One Capital is a public company backed by Tether and has positioned Bitcoin at the centre of its balance sheet. The company is also trying to develop operating businesses and capital-markets activities rather than relying only on holding Bitcoin.

During an interview with Natalie Brunell, Zagury discussed the challenge faced by public companies that want to expand their Bitcoin holdings while limiting their dependence on common-equity financing. He pointed to Strategy’s STRC preferred stock as one possible model.

Strategy, formerly known as MicroStrategy, introduced its Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC, in July 2025. The instrument was designed as a perpetual preferred security with a variable dividend and a $100 stated amount.

Strategy sold 28,011,111 STRC shares at $90 each in its initial public offering, raising about $2.52 billion in gross proceeds. The company used the net proceeds to purchase 21,021 Bitcoin.

Preferred stock generally sits between debt and common equity in a company’s capital structure. Preferred shareholders typically have priority over common shareholders for dividend payments, although the exact rights depend on the security’s terms.

Zagury has not said that Twenty One will simply copy STRC. He has also not disclosed a proposed dividend rate, maturity, size, offering price or other terms. His comments were exploratory rather than an announcement of a securities offering.

Strategy later changed STRC’s dividend rate and introduced measures to strengthen coverage of preferred dividends and interest. The company has also repurchased STRC when its market price fell below its stated amount and has adjusted its financing approach as market conditions changed.

For Twenty One, the attraction of a similar instrument would be the possibility of reaching investors looking for income while directing the raised capital towards Bitcoin. But the economics would depend on several factors, including the cost of the preferred capital, investor demand and the company’s ability to cover future dividend obligations.

The proposed financing would also have to fit alongside Twenty One’s existing capital structure. The company has previously highlighted operating cash flow, disciplined capital allocation and more sophisticated financing tools as part of its strategy.

Zagury has stressed that simply holding a large Bitcoin treasury may not be enough for the company over the long term. His approach includes developing businesses capable of generating cash while using capital-market tools to support the Bitcoin strategy. That makes the preferred-stock idea part of a broader financing discussion rather than a confirmed new product.

For now, investors have no offering terms to evaluate. Twenty One Capital has only indicated that it is considering a STRC-style structure. Whether the company proceeds will depend on the cost of capital, market conditions, demand from investors and how a new preferred security would fit with its existing financial obligations.

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Written by
Kapil Rajyaguru -

Kapil Rajyaguru is a news editor at 3.0 TV with over 15 years of professional writing experience and more than four years dedicated to the cryptoverse.

An engineer by education and a writer by passion, Kapil brings a rare mix of technical insight and storytelling finesse. A firm believer that cryptocurrencies, blockchain and AI are the building blocks of the future, he crafts in-depth news and analysis to educate, empower and prepare the masses for the next frontier of Web3.

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