Key takeawaysTwenty One Capital's new CEO Raphael Zagury said publicly on July 22 that mNAV premiums across the corporate Bitcoin treasury sector should compress toward 1x as more companies copy the playbook. Zagury wants Twenty One's Bitcoin mining operations, through a potential combination with Elektron Energy (which he founded), to serve the same function. It also posted zero operating revenue and a $10.57 million operating loss in the same period. The original three-way merger proposed on April 29, 2026, at the Bitcoin 2026 conference in Las Vegas (Twenty One, Strike, and Elektron) is dead. For a broader look at how the bitcoin treasury sector is being stretched by imitators running increasingly thin playbooks, that dynamic is already visible.