Bitcoin treasury Twenty One’s new CEO has reassured investors that the firm will become “more than a Bitcoin treasury” following shareholder concerns about the company.
The Tuesday letter to shareholders comes after the Bitcoin treasury — the second biggest in the space — released its quarterly earnings: the company posted a net loss of $413.5 million in Q2 2026, driven almost entirely by a non-cash “change in fair value” of its BTC holdings.
Bitcoin treasuries have faced a rough 2026 so far following Bitcoin’s price plunge. The leading cryptocurrency has shed about 50% of its value since it notched a all time high of $126,080 in October, hurting such companies’ stock price.
“Twenty One owns one of the largest Bitcoin balance sheets in the public markets. That is a real advantage, but if Twenty One is going to be worth owning, it must become more than a Bitcoin treasury,” wrote Raphael Zagury, who took the helm in July, replacing Jack Mallers.
Zagury said investors had voiced concerns about the stock trading at a discount to the Bitcoin it holds, and that some thought “the build is not happening fast enough.”
“That work has started: searches for key operating roles are underway,” he said to reassure investors. “Ultimately, actions, not words, will address these concerns and move the company forward.”
Zagury added that the company was going to build a conservatively leveraged Bitcoin-backed lending/credit business, and support Bitcoin developers, “no-strings attached.”
“I will finish with this: Twenty One is not a substitute for Bitcoin,” Zagury said. “Investors who want pure Bitcoin exposure should understand that Bitcoin itself is the cleanest expression of that view. Twenty One must earn the right to be something different: a way to own the build around Bitcoin.”
Twenty One was the product of Tether, Bitfinex, Cantor Fitzgerald, and SoftBank (which now no longer is part of the project). It has the second biggest public Bitcoin treasury, according to Bitcointreasuries.net, with a total of 43,514 coins — or $2.7 billion in Bitcoin’s current price of $63,464.
It debuted last year through a SPAC merger with Cantor Equity Partners, a blank check company affiliated with financial services firm Cantor Fitzgerald.
Bitcoin treasuries exploded last year as public companies wanting to boost their stock prices rushed to accumulate Bitcoin — and other cryptocurrencies.
Following in the footsteps of software company Strategy (formerly MicroStrategy), such firms have seen their stock suffer as crypto markets have sold off since October. Even Strategy, the largest corporate holder of Bitcoin, has sold chunks of Bitcoin to create a cash buffer.
Twenty One in July said it would try and create a model like Berkshire Hathaway: build and acquire high-quality operating businesses that “leverage Twenty One’s balance sheet while maintaining disciplined capital allocation at the parent company and create a long-term ownership model inspired by Berkshire Hathaway.”
Twenty One’s stock (NYSE: XXI) was down over 1% over the past day on Tuesday. Year-to-date, the company’s stock is down by more than 50%.
