Twenty One Capital posts $1.27b loss in H1, Bitcoin holdings unmoved

Twenty One Capital posts $1.27b loss in H1, Bitcoin holdings unmoved

The company plans to build operating businesses around its Bitcoin treasury and create new sources of cash flow.

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By Editorial Team
Edited by Vivian Nguyen

Tether-backed Twenty One Capital reported a $1.27 billion net loss for the first half of 2026, with the loss largely driven by a drop in the value of its Bitcoin holdings.

The company held 43,514 BTC as of June 30, valued at over $2.5 billion. Its Bitcoin position was unchanged following the disclosure of an additional 6,284 BTC accumulated in July, keeping Twenty One as the second-largest corporate Bitcoin holder behind Strategy, which has sold nearly 7,000 BTC this year.

Twenty One also underwent a leadership transition in the first half, with Jack Mallers leaving his CEO role to focus on Strike. Mallers was instrumental in building the company and guiding it to its public listing in December 2025.

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Raphael Zagury has taken over as CEO, bringing experience from his current role at Elektron Energy and previous senior positions at Goldman Sachs, Deutsche Bank and Merrill Lynch, plus leadership roles at OpenCo and One Partners.

Under Zagury’s leadership, Twenty One Capital plans to advance beyond a corporate Bitcoin treasury and build an operating platform focused on businesses and financial products tied to Bitcoin.

“Twenty One owns one of the largest Bitcoin balance sheets in the public markets. That is a real advantage, but if Twenty One is going to be worth owning, it must become more than a Bitcoin treasury,” Zagury said in a note to shareholders on Tuesday.

The company’s immediate priorities include improving governance, controls and reporting, while hiring the team needed to execute its strategy, according to Zagury.

Twenty One plans to acquire and build operating businesses, develop new capital-markets products, expand its M&A capabilities and establish a Bitcoin-backed lending and credit business. Zagury said the company could eventually extend that credit platform to managing third-party capital, provided it is built conservatively with low leverage.

The company also aims to support the open-source infrastructure that underpins Bitcoin and maintain strict oversight of transactions involving Tether, its controlling shareholder.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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Twenty One Capital posts $1.27b loss in H1, Bitcoin holdings unmoved
Twenty One Capital posts $1.27b loss in H1, Bitcoin holdings unmoved

The company plans to build operating businesses around its Bitcoin treasury and create new sources of cash flow.

By Editorial Team
Edited by Vivian Nguyen

Share

Add us on Google

Tether-backed Twenty One Capital reported a $1.27 billion net loss for the first half of 2026, with the loss largely driven by a drop in the value of its Bitcoin holdings.

The company held 43,514 BTC as of June 30, valued at over $2.5 billion. Its Bitcoin position was unchanged following the disclosure of an additional 6,284 BTC accumulated in July, keeping Twenty One as the second-largest corporate Bitcoin holder behind Strategy, which has sold nearly 7,000 BTC this year.

Twenty One also underwent a leadership transition in the first half, with Jack Mallers leaving his CEO role to focus on Strike. Mallers was instrumental in building the company and guiding it to its public listing in December 2025.

Advertisement

Raphael Zagury has taken over as CEO, bringing experience from his current role at Elektron Energy and previous senior positions at Goldman Sachs, Deutsche Bank and Merrill Lynch, plus leadership roles at OpenCo and One Partners.

Under Zagury’s leadership, Twenty One Capital plans to advance beyond a corporate Bitcoin treasury and build an operating platform focused on businesses and financial products tied to Bitcoin.

“Twenty One owns one of the largest Bitcoin balance sheets in the public markets. That is a real advantage, but if Twenty One is going to be worth owning, it must become more than a Bitcoin treasury,” Zagury said in a note to shareholders on Tuesday.

The company’s immediate priorities include improving governance, controls and reporting, while hiring the team needed to execute its strategy, according to Zagury.

Twenty One plans to acquire and build operating businesses, develop new capital-markets products, expand its M&A capabilities and establish a Bitcoin-backed lending and credit business. Zagury said the company could eventually extend that credit platform to managing third-party capital, provided it is built conservatively with low leverage.

The company also aims to support the open-source infrastructure that underpins Bitcoin and maintain strict oversight of transactions involving Tether, its controlling shareholder.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.