Tether-backed Twenty One Capital reports $1.09 billion Q3 net income on bitcoin gains

Twenty One Capital reported third-quarter net income of $1.087 billion, almost entirely from $1.093 billion in fair value gains on its bitcoin holdings, according to an SEC filing. As of Sept. 30, the company held 43,514 BTC valued at roughly $83,700 per BTC, plus $102.8 million in cash and equivalents.

The company also 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 during that period.

CEO's perspective

CEO Rapha Zagury acknowledged the results but emphasized that "A balance sheet is not a business. It is our starting point." He added that "gains from an asset we own are not the same as earnings from businesses we operate. Building the latter is our job."

Future plans

Zagury 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 the CEO.

The company's shares fell 19.48% over the past month, compared with Bitcoin's 16.06% decline over the same period.