Twenty One Capital (XXI) Posts $413.5M Q2 Loss:
Tether-backed Twenty One Capital, the world's 2nd-largest public Bitcoin treasury, reported a $413.5M net loss for Q2 2026.
$401.5M of it (97%) is a non-cash Bitcoin fair-value loss, not an operating loss. No $BTC was sold.
Key numbers:
→ Holdings: 43,514 BTC (~$2.78B)
→ Cash: $106.1M | Convertible notes: $484.5M
→ mNAV: 0.7x → stock trades below the BTC it owns
→ XXI price: ~$4.62, down ~50% YTD
New CEO Raphael Zagury (replaced Jack Mallers in July) admitted the discount is "a misallocation of capital, we share that view."
His fix: operating businesses, M&A, capital markets, and Bitcoin-backed lending. The Berkshire Hathaway model, in his words.
Tether-backed Twenty One Capital, the world's 2nd-largest public Bitcoin treasury, reported a $413.5M net loss for Q2 2026.
$401.5M of it (97%) is a non-cash Bitcoin fair-value loss, not an operating loss. No $BTC was sold.
Key numbers:
→ Holdings: 43,514 BTC (~$2.78B)
→ Cash: $106.1M | Convertible notes: $484.5M
→ mNAV: 0.7x → stock trades below the BTC it owns
→ XXI price: ~$4.62, down ~50% YTD
New CEO Raphael Zagury (replaced Jack Mallers in July) admitted the discount is "a misallocation of capital, we share that view."
His fix: operating businesses, M&A, capital markets, and Bitcoin-backed lending. The Berkshire Hathaway model, in his words.