Twenty One Capital Twenty One Capital (XXI) announced a third-quarter net profit of $1.087 billion, which came almost completely from $1.093 billion in unrealized valuation gains on its cryptocurrency reserves, based on a SEC filing.
As of September 30, the firm backed by Tether maintained 43,514 BTC, priced at approximately $83,700 for each bitcoin, alongside $102.8 million in cash and liquid funds. Its convertible debt featured a principal amount of $486.5 million and was secured by roughly 16,116 BTC.
Furthermore, the documentation revealed that Twenty One Capital experienced a $4.8 million operational loss and accrued $1.34 million in interest costs during the quarter concluding on September 30. For the initial nine months of 2026, the enterprise disclosed a net loss of $186.5 million, tracking bitcoin’s price drop.
“A balance sheet is not a business”
Chief Executive Officer Rapha Zagury addressed the financial performance while noting, “A balance sheet is not a business. It is our starting point.”
“We welcome Bitcoin’s appreciation,” Zagury stated in a letter addressed to shareholders. “But gains from an asset we own are not the same as earnings from businesses we operate. Building the latter is our job.”
Zagury mentioned that the organization was actively assessing prospects within bitcoin mining, lending, treasury operations, and the energy sector. The chief executive also indicated that the company might weigh share buybacks whenever its stock trades below the underlying value of its assets.
Established with support from Tether, Bitfinex, and SoftBank in April of the previous year, Twenty One Capital saw the USDT creator acquire SoftBank’s equity share later in May.
The corporation’s stock dropped by 19.48% across the preceding month, contrasted with a 16.06% decrease for Bitcoin over the identical timeframe, as shown by metrics from The Block.
Originally published at https://www.theblock.co/news/business/2026-11-13-tether-backed-twenty-one-capital-reports-1-09-billion-q3-net-income-on-bitcoin-gains-439711.
