Twenty One Capital (XXI) Q4 2025 earnings summary

Executive summary

• Newly formed entity focused on Bitcoin accumulation, management, and education, with plans to expand into Bitcoin-centric financial services.

• Completed a business combination in December 2025, resulting in initial holdings of approximately 43,500 Bitcoin and significant capital raised through PIPE investments and convertible notes.

• Majority ownership by Tether and Bitfinex, with SoftBank as a significant minority shareholder; Class A Common Stock is non-voting, while Class B is voting and held by controlling shareholders.

Financial highlights

• For the period from March 7, 2025 (inception) to December 31, 2025: net loss of $217.3 million, driven by a $141.2 million decrease in Bitcoin fair value and a $61.2 million loss on Bitcoin purchases.

• Operating expenses totaled $14.6 million, primarily from general and administrative costs and marketing.

• Cash balance at year-end was $117.7 million; digital assets (Bitcoin) valued at $3.8 billion.

• Convertible notes payable of $484.3 million outstanding, secured by Bitcoin collateral.

Outlook and guidance

• Plans to generate revenue through educational content, branded media, and, in the future, Bitcoin-related financial services.

• Intends to continue capital-efficient Bitcoin accumulation and may raise additional capital through equity or debt offerings.

• Expects to remain an emerging growth company and smaller reporting company for several years.