Bitcoin treasury company Twenty One Capital (XXI) reported a net loss of $413.5 million for the second quarter, with the decline in the value of its Bitcoin holdings accounting for $401.5 million of the damage. The earnings figures were disclosed on August 11.
The Tether-backed firm has a new chief executive, Raphael Zagury, who said the company now needs to become "more than just a Bitcoin treasury." Zagury laid out a development plan covering mergers and acquisitions, capital markets operations, and Bitcoin-collateralized lending.
The quarterly result highlights how closely the firm's bottom line tracks moves in Bitcoin prices, given the size of its holdings. The loss came entirely from the markdown on its Bitcoin position, leaving the rest of the business flat for the quarter, according to the company's reporting.
Zagury's stated direction points to a wider strategy beyond simply holding Bitcoin on the balance sheet. No timeline for the planned expansion was disclosed in the announcement.
Bitcoin treasury company Twenty One Capital (XXI) recorded a net loss of $413.5 million in the second quarter, with the value of its Bitcoin holdings falling by $401.5 million and accounting for nearly all of the shortfall.
The results, reported on August 11, came with a leadership change on the corporate side. New CEO Raphael Zagury said the Tether-backed firm now needs to become "more than just a Bitcoin treasury," and he outlined plans spanning mergers and acquisitions, capital markets operations, and Bitcoin-collateralized lending.
The loss was driven entirely by the markdown on the company's Bitcoin position, which remains the core asset on its balance sheet. Zagury's comments signal that future earnings may depend less on Bitcoin price swings alone, as the company looks to build out adjacent business lines.
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