Tether-backed bitcoin treasury company Twenty One Capital (NYSE: XXI) reported a $413.5 million net loss for the second quarter of 2026, driven mainly by the declining value of its bitcoin holdings. Around $401.5 million of that loss came from a fall in the book value of its bitcoin assets. With bitcoin at the core of the company's asset allocation, swings in BTC prices directly weigh on its financial results. Newly appointed CEO Raphael Zagury said Twenty One Capital can no longer function purely as a "bitcoin treasury company" and must move toward a broader financial services platform. Zagury outlined three priorities: expanding the business through acquisitions, improving financing capabilities with capital markets tools, and exploring bitcoin-collateralized lending. The report was first carried by The Block and relayed by ChainCatcher.
Tether-backed bitcoin treasury company Twenty One Capital (NYSE: XXI) reported a net loss of $413.5 million for the second quarter of 2026, dragged down by a drop in the value of its bitcoin holdings, according to The Block.
About $401.5 million of the quarterly loss came from a decline in the book value of the company's bitcoin assets. With bitcoin serving as its core reserve asset, price swings in BTC feed directly into its financial statements.
New CEO signals shift beyond the "bitcoin treasury" model
Newly appointed CEO Raphael Zagury said Twenty One Capital can no longer exist merely as a "bitcoin treasury company" and needs to evolve into a broader financial services platform. Zagury outlined three priorities for the next phase: expanding the business footprint through acquisitions; strengthening financing capacity through capital markets tools; and exploring bitcoin-collateralized lending.
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