Twenty One Capital, Inc. (NYSE: XXI) published a shareholder letter from Chief Executive Officer Raphael Zagury alongside the company's second-quarter results, outlining five strategic priorities for the Bitcoin-focused firm.

Zagury identified the priorities as completing the company's corporate foundation, building and acquiring operating businesses, developing capital-markets capabilities, establishing mergers and acquisitions capability, and building toward a lending and credit business backed by Bitcoin collateral.

The company recently added two independent directors to its board: Paul Lalljie, a former public-company CEO and CFO who now chairs the Audit Committee, and Karl Olsoni, who serves on the committee and brings experience in energy and infrastructure.

Zagury acknowledged that the stock trades at a discount to the company's Bitcoin holdings, stating the gap "could be viewed as a misallocation of capital" and that management shares that view. He also noted that searches for key operating roles are underway.

On the company's relationship with Tether, its controlling shareholder, Zagury said the related-person transaction framework "will remain rigorous and transparent."

The letter stated that Twenty One is not intended as a substitute for direct Bitcoin ownership. "Investors who want pure Bitcoin exposure should understand that Bitcoin itself is the cleanest expression of that view," Zagury wrote. "Twenty One must earn the right to be something different: a way to own the build around Bitcoin."

Zagury also said the company intends to support open-source Bitcoin software infrastructure. The company said it expects to provide a fuller strategic update later in 2026 and will publish shareholder letters at least quarterly.