Twenty One Capital, Inc. (NYSE: XXI) issued a press release on November 13, 2026, containing a letter to shareholders from Chief Executive Officer Raphael Zagury. The letter details the company's progress and financial results for the quarter ended September 30, 2026.
For the third quarter of 2026, the company reported net income of $1.087 billion. The filing notes that this GAAP result was primarily driven by a $1.093 billion fair-value gain on the company's Bitcoin holdings rather than operating cash flow. At the end of the quarter, Twenty One held 43,514 Bitcoin, valued at approximately $83,700 per coin, alongside $102.8 million in cash and cash equivalents. The company also reported $486.5 million in convertible-note principal outstanding, secured by approximately 16,116 Bitcoin.
Regarding its business strategy, the company stated that it is strengthening its team and governance. David Goldschmidt joined the Board of Directors and Audit Committee, bringing experience from his former role as head of Skadden’s global capital markets practice. The company is evaluating opportunities across the Bitcoin and energy ecosystem, including mining, lending, treasury, and energy sectors. Management emphasized a focus on acquiring businesses that generate cash after covering operating costs and financing obligations, rather than simply growing the balance sheet.
The letter also addressed the company's approach to capital allocation, noting that Bitcoin remains the benchmark for performance. The company plans to consider share repurchases when shares trade below the value of attributable assets, subject to liquidity and regulatory restrictions. Additionally, the company discussed its intention to support Bitcoin’s open-source infrastructure, including work on AI-assisted vulnerability detection and potential quantum threats.
