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Twenty One Capital posts $413.5 million Q2 net loss as CEO charts expansion

The NYSE-listed firm said its loss was driven largely by a $401.5 million decline tied to the value of its digital asset holdings.

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Twenty One Capital, the NYSE-listed firm backed by a Tether model, posted a $413.5 million net loss in the second quarter, with the result driven mainly by the falling value of its large bitcoin holdings, according to The Block. The outlet reported that $401.5 million of the company’s loss came from changes in the value of its digital asset holdings, accounting for more than 97% of its overall loss. Twenty One said it ended the quarter holding 43,514 BTC, valued at roughly $2.78 billion at current prices. Beyond the quarter’s results, The Block said newly appointed CEO Raphael Zagury outlined plans to build or acquire operating businesses to turn the company into more than a “bitcoin treasury.” Zagury also discussed expanding into areas including M&A, capital markets, and bitcoin-backed lending. The Block added that Twenty One ended the quarter with $106.1 million in cash and roughly $484.5 million of convertible notes outstanding. The shares were up about 1% in early trading Tuesday to $4.62, though the stock remains down nearly 50% year-to-date.

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