UNCHAINED · 2026-11-13 16:35 UTC

Twenty One Capital CEO Says $1.09 Billion Quarterly Profit Came From Bitcoin, Not Business

Twenty One Capital reported $1.087 billion in third-quarter net income, which CEO Rapha Zagury said came almost entirely from a $1.093 billion rise in the accounting value of its bitcoin holdings rather than operating cash. The company ended September with 43,514 BTC and $102.8 million in cash, and owed $486.5 million in principal on convertible notes backed by about 16,116 BTC. The 10-Q shows a $186.5 million net loss for the first nine months of 2026, no binding agreement to buy Elektron, and that the Strike deal is no longer being pursued.

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