Tether-backed Twenty One Capital (NYSE: XXI), a bitcoin treasury company, reported a net loss of $413.5 million for the second quarter of 2026, largely driven by the falling value of its bitcoin holdings. About $401.5 million of that loss was attributed to the mark-to-market decline in the company's bitcoin assets. Twenty One Capital uses bitcoin as its core reserve asset, meaning fluctuations in the BTC price have a direct impact on its financial performance. In a statement accompanying the earnings, newly appointed CEO Raphael Zagury said the company cannot continue to exist merely as a "bitcoin treasury" and must transition into a broader financial services platform. He laid out three priorities for the next stage: expanding the business through acquisitions, boosting financing capacity with capital markets tools, and developing bitcoin-collateralized lending. The financial results were originally reported by The Block. Twenty One Capital is listed on the New York Stock Exchange under the ticker XXI.
Tether-backed bitcoin treasury firm Twenty One Capital (NYSE: XXI) posted its financial results for the second quarter of 2026, reporting a net loss of $413.5 million. Most of that came from the falling value of its bitcoin holdings. The earnings report said about $401.5 million of the quarterly loss was tied to the mark-to-market drop in its bitcoin assets.
Twenty One Capital keeps bitcoin at the center of its treasury strategy, so BTC price swings hit financial results directly. New CEO Raphael Zagury said the company can’t keep operating only as a "bitcoin treasury" and has to shift toward a wider financial services platform.
Zagury laid out three priorities for what comes next: growing the business through mergers and acquisitions, strengthening funding options through capital markets tools, and looking into bitcoin-collateralized lending. (The Block)
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