Twenty One Capital Posts $414 Million Q2 Loss, Plans Business Pivot

Twenty One Capital was launched by Cantor Fitzgerald, Tether and SoftBank and began trading on the New York Stock Exchange in December 2025. The Tether-controlled company holds 43,514 Bitcoin, making it one of the largest corporate holders of the token. Its original appeal centered on giving public-market investors leveraged exposure to Bitcoin, but fading premiums for digital-asset treasury companies have increased pressure to develop recurring revenue and cash-generating operations.

On Aug. 11, Twenty One reported a net loss of $414 million for the second quarter ended June 30, 2026, alongside an approximately $847.8 million fair-value loss on its Bitcoin holdings. Raphael Zagury, who replaced Jack Mallers as chief executive effective July 20, said the company plans to build operating businesses, expand capital-markets capabilities, pursue disciplined acquisitions and develop Bitcoin-backed lending. The strategy is designed to make Twenty One more than a balance-sheet vehicle and reduce reliance on treasury gains alone.