Twenty One Capital reported third-quarter net income of $1.087 billion, almost all of it from fair value gains on its bitcoin holdings. CEO Rapha Zagury says the firm is weighing mining, lending and treasury ventures, and may buy back shares.
Twenty One Capital booked $1.087 billion in third-quarter net income, almost entirely from $1.093 billion in fair value gains on its bitcoin holdings, according to an SEC filing.
Holdings and costs in the filing
The Tether-backed company held 43,514 BTC as of Sept. 30, valued at roughly $83,700 per BTC, along with $102.8 million in cash and cash equivalents. Its convertible notes carried $486.5 million in principal and were collateralized by about 16,116 BTC.
Against the gains, the company recorded a $4.8 million operating loss and $1.34 million in interest expense for the three months ended Sept. 30. For the first nine months of 2026, it reported a net loss of $186.5 million, reflecting bitcoin's price decline.
Zagury looks beyond the balance sheet
CEO Rapha Zagury acknowledged the results. Zagury said: "A balance sheet is not a business. It is our starting point."
He said the company was evaluating opportunities across bitcoin mining, lending, treasury and energy. The company would consider buying back shares when they trade below the value of the assets attributable to them, according to Zagury.
Its shares fell 19.48% over the past month, compared with Bitcoin's 16.06% decline over the same period, according to The Block's data.
Source: The Block
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