Tether-Backed Twenty One Capital Reports $1.09 Billion Q3 Net Income on Bitcoin Gains

Tether-backed Twenty One Capital (XXI) reported $1.087 billion in Q3 net income. The result was almost entirely from $1.093 billion in bitcoin fair value gains, according to The Block, citing an SEC filing. At Sept. 30, it held 43,514 BTC, worth roughly $83,700 each, and $102.8 million in cash; $486.5 million in convertible notes were collateralized by about 16,116 BTC. It posted a $4.8 million operating loss and $1.34 million interest expense; its first-nine-month 2026 net loss was $186.5 million. CEO Rapha Zagury said it is evaluating mining, lending, treasury and energy opportunities and may buy back shares below attributable asset value. Shares fell 19.48% over the past month, versus bitcoin's 16.06% decline.