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Bitcoin treasury management stories

Aug 11, 2026

Twenty One Capital reports $414 million Q2 loss as new CEO plans expansion beyond Bitcoin treasury

Twenty One Capital's new CEO Raphael Zagury announced plans to expand the Bitcoin treasury firm beyond its balance sheet strategy, following a $414 million second-quarter loss and cumulative losses of $1.27 billion.

Aug 11, 2026·2 sources

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Top claims

▪Twenty One Capital reported a total net loss of $1.27 billion for the first half of 2026.
▪Twenty One Capital shares trade at a material discount to the value of the bitcoin the company holds, with an enterprise mNAV of 0.7x.
▪Twenty One Capital CEO Raphael Zagury plans to eventually launch a bitcoin-backed lending and credit business.

Subtopics

Bitcoin1 Bitcoin adoption1 Bitcoin market analysis1 Corporate Bitcoin strategy1 Crypto market analysis1

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