Tether-Backed 21 Capital Reports $413.5M Net Loss in Q2 Amid BTC Price Decline

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Tether-backed 21 Capital (NYSE: XXI) reported a Q2 2026 net loss of $413.5 million, primarily due to a decline in the BTC price. The company recorded $401.5 million in losses from Bitcoin’s falling book value. CEO Raphael Zagury stated that the company must move beyond functioning as a Bitcoin treasury. The new strategy includes M&A, capital market tools, and BTC-backed loan services. BTC dominance remains a key focus as the firm transitions toward broader financial services.

Odaily Planet Daily report: Twenty One Capital (NYSE: XXI), a Bitcoin treasury company backed by Tether, announced its second-quarter 2026 financial results, reporting a net loss of $4.135 billion, primarily driven by a decline in the value of its Bitcoin holdings.

The financial report shows that approximately $401.5 million of Twenty One Capital's second-quarter loss stemmed from the decline in the book value of its bitcoin assets. As the company uses bitcoin as a core asset allocation, fluctuations in BTC's price directly impact its financial performance.

New CEO Raphael Zagury stated that Twenty One Capital cannot continue to exist merely as a “Bitcoin treasury” and must transition into a broader financial services platform. Zagury outlined that the company’s next phase will focus on three key initiatives: expanding its business footprint through acquisitions; enhancing its capital-raising capabilities using capital market tools; and exploring bitcoin-backed lending services. (The Block)

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