Twenty One Capital reports $1.09B Q3 net income on bitcoin gains

Twenty One Capital, the Tether-backed bitcoin treasury company, reported third-quarter 2026 results on November 13: net income of $1.087 billion. Nearly all of it came from $1.093 billion in bitcoin fair-value gains.

Details

According to the SEC filing, the company held 43,514 BTC on September 30, valued at about $83,700 per coin. Of that, 16,116 BTC is pledged as collateral. Cash and equivalents stood at $102.8 million, and convertible notes principal at $486.5 million.

The operating business is still loss-making: an operating loss of $4.8 million and $1.34 million in interest expense for the quarter. The nine-month net loss for 2026 remains $186.5 million. The Block quotes CEO Rapha Zagury: "A balance sheet is not a business. It is our starting point." The company is looking at bitcoin mining, lending, treasury services and energy, and said it would consider buybacks when shares trade below asset value.

What this means for the market

The profit reflects the end-of-September bitcoin price. BTC has fallen noticeably since, so fourth-quarter results at current prices would look different. The stock is down 19.48% month to date versus a 16.06% drop in bitcoin. See the live price in the daily brief and the bitcoin page.

This is not investment advice.