Twenty One Capital filed CEO Rapha Zagury’s Bitcoin Asia 2026 keynote transcript as Exhibit 99.1 to an SEC filing. In the August 28 presentation in Hong Kong, Zagury said Bitcoin is experiencing its first sustained hash-rate bear market after approaching 1.3 zettahashes per second late last year, marking the network’s longest period below a record without full recovery. He said the downturn differs from the 2021 China mining ban because miners now have artificial intelligence and high-performance computing as alternative buyers for power, land and data-center capacity. Keel Infrastructure shut down its U.S. Bitcoin mining operations while holding about $819 million in liquidity; Bitdeer signed a 16-year AI infrastructure agreement worth about $4.7 billion for 121 megawatts at its Tydal campus in Norway, potentially reaching roughly $8 billion with an extension; and Hut 8 secured a $9.8 billion, 15-year AI lease covering 352 megawatts at Beacon Point in Texas within a broader contracted AI portfolio of 949 megawatts. Zagury said virtually no public miners are staying the course to mine Bitcoin at scale, although operators that remain could capture a larger share of production as competing hash rate exits. He also defended mining’s cost-curve and grid-flexibility benefits, recommended buying Bitcoin before mining at smaller scales, and became CEO on July 20, 2026, after Jack Mallers departed; Twenty One is majority-owned by Tether and Bitfinex with a minority SoftBank stake.