THE BLOCK · 2026-11-13 14:50 UTC

Tether-backed Twenty One Capital reports $1.09 billion Q3 net income on bitcoin gains

Twenty One Capital reported Q3 net income of $1.087 billion, almost entirely from $1.093 billion in fair-value gains on its bitcoin holdings. The company held 43,514 BTC as of Sept. 30 and recorded a $4.8 million operating loss for the quarter; it posted a net loss of $186.5 million for the first nine months of 2026. CEO Rapha Zagury said balance-sheet gains are not business earnings and that the company is evaluating mining, lending, treasury and energy, with possible share buybacks; shares fell 19.48% over the past month versus Bitcoin's 16.06% decline.

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