Twenty One Capital Posts $414M Q2 Loss as New CEO Eyes Bigger Role Beyond Bitcoin

Twenty One Capital reported a $413.5 million net loss for Q2, with newly appointed CEO Raphael Zagury outlining the strategy in the company’s latest shareholder update.

The NYSE-listed Bitcoin treasury firm said $401.5 million of the loss came from changes in digital-asset values. Despite the accounting impact, Twenty One ended the period holding 43,514 BTC, worth about $2.78 billion at current prices, alongside $106.1 million in cash. Zagury said the company aims to build or acquire operating businesses and expand into M&A, capital markets and Bitcoin-backed lending. The company also had roughly $484.5 million in convertible notes outstanding at quarter-end.

The strategy would move Twenty One beyond a pure Bitcoin treasury model while keeping its substantial BTC reserve at the center of the business. Investors will watch whether the company can develop cash-generating operations and narrow the discount between its market valuation and Bitcoin holdings. Zagury has also pointed to Berkshire Hathaway as a potential long-term blueprint, combining a strong balance sheet with independently operated businesses.

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