Twenty One Capital, the Bitcoin treasury company trading on the New York Stock Exchange under the ticker XXI, has appointed Raphael Zagury as chief executive officer, replacing founder Jack Mallers seven months after the company listed. Mallers said he is stepping down to focus on Strike, his Bitcoin payments company, while reiterating that serving Bitcoin users remains his core mission. The Austin, Texas-based company said it now wants to be judged as an institutional-grade operating business focused on cash flow generation and disciplined capital allocation, rather than only on the size of its Bitcoin holdings. According to Bitcointreasuries.net, Twenty One holds 43,514 BTC worth about $2.8 billion at current prices, making it the second-largest public Bitcoin treasury. The leadership change also comes with a strategic reset: a previously floated April plan to combine Twenty One, Strike, and Elektron Energy into a single Bitcoin-native platform has been abandoned, and the company confirmed that Strike will remain a standalone business.

Bitwise Asset Management said bitcoin ended the second quarter of 2026 in its deepest and longest slump since the last bear market, but the firm does not view the move as a structural breakdown. In its newly released Q3 2026 Crypto Market Review, the $9 billion crypto asset manager said bitcoin fell 13.4% in Q2 and 32.9% year to date, while U.S. spot bitcoin ETPs posted $4.9 billion in net outflows, the weakest quarter since their January 2024 debut. Even with that reversal, Bitwise said demand from spot ETPs and public companies has still exceeded new mined supply by roughly 3.6 times since the ETF era began. The report also highlighted continued accumulation by listed companies, which now hold 1.28 million BTC in treasury, and pointed to Strategy’s first bitcoin sale since 2022 after it sold $218 million late in the quarter to meet dividend obligations. Bitwise Chief Investment Officer Matt Hougan argued that sentiment is among the worst he has seen in eight years in crypto, yet bitcoin has held up better than other major large-cap tokens and the industry remains stronger beneath the surface than price action suggests.

Tether Investments has proposed combining Twenty-One Capital with Strike and folding in Elektron Energy’s 50 EH/s mining fleet, aiming to turn XXI into a broader bitcoin platform spanning mining, lending, capital markets, and financial services.

Japan’s Metaplanet purchased 5,075 BTC in Q1 2026 for ~$398 million, bringing total holdings to 40,177 BTC. It surpassed MARA Holdings to become the third-largest publicly traded Bitcoin holder globally.

Twenty One Capital is positioning itself as more than a Bitcoin proxy, combining aggressive BTC accumulation with cash-flow ambitions through Tether and SoftBank partnerships. The firm holds 43,514 BTC, ranking third among corporate holders, though its stock fell 2% on debut.

Bitcoin treasury holdings have reached $130 billion, nearly four times the combined value of other crypto treasuries. Data shows increased holdings by ETFs, governments, and corporations like Strategy and Metaplanet.

Bitcoin treasury holdings have reached $130 billion, nearly four times the total of other crypto treasuries. Institutions and governments continue to accumulate, with Strategy holding over 640k BTC.

Bitcoin treasury holdings hit $130 billion, dwarfing other crypto treasuries. Distribution shows ETFs, governments, and corporations as major holders. MicroStrategy leads with 640K BTC, while Metaplanet added 10.7K BTC in the past month.