When Jack Mallers stepped down from Twenty One Capital (XXI), Rapha Zagury stepped in as CEO. A Wall Street veteran who ran trading desks at Merrill Lynch, Rapha later co-founded Elektron, the Tether-backed Bitcoin mining operation that grew into one of the largest mining companies in the world.

Now he joins me to explain what comes next for XXI — and to answer some of the biggest questions surrounding Tether. We discuss:

How much of XXI Tether actually owns — and what it wants to build next
Whether Tether's biggest critics are asking the right questions
Why XXI is trying to become much more than a Bitcoin treasury company
Whether Elektron will be absorbed into XXI
What really happened at Ocean during the BIP 110 controversy

Follow Rapha Zagury on X https://x.com/RaphaZagury

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Disclaimer: The News Block and Coin Stories are for educational and entertainment purposes only and do not constitute financial, investment, legal, or tax advice. Natalie Brunell is not a financial advisor. Some content may include sponsorships or paid partnerships, which are disclosed. Always do your own research and consult a licensed professional before making financial decisions. Bitcoin and digital assets are volatile — never invest more than you can afford to lose.

Rapha Zagury: Tether's Bitcoin Empire, Taking Over XXI and What Comes Next

Natalie Brunell's Coin Stories

Rapha Zagury: Tether's Bitcoin Empire, Taking Over XXI and What Comes Next