Twenty One CEO says the company must become more than a Bitcoin treasury

Twenty One CEO Raphael Zagury told shareholders the company needs to become more than a Bitcoin treasury as investors question its valuation, pace of execution, and stock performance. The letter came after the company reported a Q2 2026 net loss of $413.5 million, a figure driven almost entirely by a non-cash fair-value change in its Bitcoin holdings. Twenty One holds 43,514 BTC, worth about $2.7 billion at a Bitcoin price of $63,464, making it the second-largest public Bitcoin treasury company, according to Bitcointreasuries.net. Zagury, who took over in July from Jack Mallers, said the company is already hiring for key operating roles and plans to build a conservatively leveraged Bitcoin-backed lending and credit business while supporting Bitcoin developers with no strings attached. The company was formed by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, though SoftBank is no longer involved, and it went public last year through a SPAC merger with Cantor Equity Partners. Twenty One shares were down more than 1% over the past day on Tuesday and have fallen more than 50% year to date.