Bitcoin treasury Twenty One’s new CEO has reassured traders that the agency will change into “greater than a Bitcoin treasury” following shareholder considerations in regards to the firm.
The Tuesday letter to shareholders comes after the Bitcoin treasury — the second greatest within the house — launched its quarterly earnings: the corporate posted a internet lack of $413.5 million in Q2 2026, pushed nearly fully by a non-cash “change in honest worth” of its BTC holdings.
Bitcoin treasuries have confronted a tough 2026 to this point following Bitcoin’s worth plunge. The main cryptocurrency has shed about 50% of its worth because it notched a all time excessive of $126,080 in October, hurting such corporations’ inventory worth.
“Twenty One owns one of many largest Bitcoin steadiness sheets within the public markets. That could be a actual benefit, but when Twenty One goes to be value proudly owning, it should change into greater than a Bitcoin treasury,” wrote Raphael Zagury, who took the helm in July, changing Jack Mallers.
Zagury stated traders had voiced considerations in regards to the inventory buying and selling at a reduction to the Bitcoin it holds, and that some thought “the construct shouldn’t be occurring quick sufficient.”
“That work has began: searches for key working roles are underway,” he stated to reassure traders. “In the end, actions, not phrases, will handle these considerations and transfer the corporate ahead.”
Zagury added that the corporate was going to construct a conservatively leveraged Bitcoin-backed lending/credit score enterprise, and assist Bitcoin builders, “no-strings hooked up.”
“I’ll end with this: Twenty One shouldn’t be an alternative to Bitcoin,” Zagury stated. “Traders who need pure Bitcoin publicity ought to perceive that Bitcoin itself is the cleanest expression of that view. Twenty One should earn the precise to be one thing totally different: a option to personal the construct round Bitcoin.”
Twenty One was the product of Tether, Bitfinex, Cantor Fitzgerald, and SoftBank (which now now not is a part of the undertaking). It has the second greatest public Bitcoin treasury, in line with Bitcointreasuries.internet, with a complete of 43,514 cash — or $2.7 billion in Bitcoin’s present worth of $63,464.
It debuted final yr by way of a SPAC merger with Cantor Fairness Companions, a clean examine firm affiliated with monetary providers agency Cantor Fitzgerald.
Bitcoin treasuries exploded final yr as public corporations wanting to spice up their inventory costs rushed to build up Bitcoin — and different cryptocurrencies.
Following within the footsteps of software program firm Technique (previously MicroStrategy), such corporations have seen their inventory endure as crypto markets have offered off since October. Even Technique, the biggest company holder of Bitcoin, has offered chunks of Bitcoin to create a money buffer.
Twenty One in July stated it could attempt to create a mannequin like Berkshire Hathaway: construct and purchase high-quality working companies that “leverage Twenty One’s steadiness sheet whereas sustaining disciplined capital allocation on the dad or mum firm and create a long-term possession mannequin impressed by Berkshire Hathaway.”
Twenty One’s inventory (NYSE: XXI) was down over 1% over the previous day on Tuesday. Yr-to-date, the corporate’s inventory is down by greater than 50%.