Twenty One Capital (XXI) Q2 2026 earnings summary

Executive summary

• Focused exclusively on Bitcoin-related business lines, including Bitcoin accumulation and educational content development.

• Recently completed a business combination and reverse recapitalization, resulting in significant Bitcoin holdings and new capital structure.

• CEO transition occurred in July 2026, with Raphael Zagury appointed as CEO following Jack Mallers' resignation.

• Abandoned previously announced acquisition of Strike; no binding commitments for other acquisitions.

Financial highlights

• Reported net loss of $413.5 million for Q2 2026 and $1.27 billion for the six months ended June 30, 2026.

• Operating expenses for Q2 2026 were $10.7 million, primarily due to stock-based compensation and professional fees.

• Bitcoin holdings valued at $2.55 billion as of June 30, 2026, down from $3.8 billion at year-end 2025 due to price decline.

• Cash balance of $106.1 million and net working capital of $110.6 million as of June 30, 2026.

• Convertible Notes outstanding totaled $484.5 million, secured by 16,116 Bitcoin.

Outlook and guidance

• Plans to launch Bitcoin-centric financial services, subject to regulatory approvals and market conditions.

• Current liquidity position deemed sufficient to fund operations for at least one year.

• Revenue generation expected from Bitcoin management and educational content; timing dependent on market demand.