Twenty One Capital, Inc. (XXI)

Price$5.25Cached quoteAs of 2026-09-16 16:01 UTC

AI: Undervalued

Price checkThe shares trade well below the value of the Bitcoin and cash behind them.

Reported: Twenty One held 43,514 Bitcoin and about $106 million of cash, with roughly $486 million of liabilities and about 346.6 million Class A shares that carry the economic rights. Using Bitcoin near $79,000, those assets minus liabilities equal about $3.06 billion, or roughly $8.82 per Class A share, versus a stock-market value near $2.18 billion. Inference: the shares trade about 29% below this simple estimate. The market value would roughly match it if Bitcoin were near $59,000 and the operating business were worth zero.

Big pictureReported losses are huge, but most came from Bitcoin price changes rather than cash spending.

Reported: the company lost $413.5 million in the second quarter and $1.27 billion in the first half, but Bitcoin fair-value declines—accounting losses from marking holdings to market—made up about $401.5 million and $1.25 billion of those losses. Cash used by day-to-day operations was about $11.6 million in the first half, and cash ended June near $106 million. Inference: headline losses greatly overstate current cash burn, but there is still no established operating revenue or recurring profit. Most business value therefore remains tied to Bitcoin's cycle.

Business strengthThe balance sheet has meaningful liquidity, but debt and future share issuance limit the safety margin.

Reported: bills and other obligations due soon were only about $1.6 million, but total liabilities were about $486 million, almost entirely 1% convertible notes—debt that can convert into shares—due in 2030; roughly 16,116 Bitcoin secure them. The company also had about 13.45 million options to buy shares outstanding and unvested share awards, while first-half stock compensation—pay tied to equity awards—was about $12.1 million. Inference: liquidity is solid, but debt repayment, note conversion, and employee equity can shift value away from existing holders. Most options were priced well above the recent market, so that dilution is not immediate.

What could change the storyA lasting higher valuation needs profitable Bitcoin businesses, while a Bitcoin slump could erase today's price gap.

Reported: new chief executive Raphael Zagury says the next phase is to build or acquire operating businesses and develop Bitcoin-backed lending, financing, and acquisition capabilities. Inference: the strongest bull case is steady cash generation that makes the company worth more than its Bitcoin holdings and closes today's gap. The strongest bear case is Bitcoin falling while overhead continues or acquisitions are financed with undervalued shares. Around $59,000 Bitcoin, the present stock value roughly matches the simple assets-minus-liabilities estimate, leaving little asset-value cushion.

AI: News

CEO and merger resetJack Mallers left as chief executive, Strike dropped from the deal plan, and shares fell sharply.

On July 21, 2026, Twenty One appointed Raphael Zagury to replace Jack Mallers and confirmed that Strike would remain independent; a possible Elektron transaction stayed preliminary. XXI closed about 7.5% lower that day and traded nearly 20% below the prior close at its intraday low. The timing makes the announcement a plausible contributor, but it does not prove sole causation. The event removed a previously expected combination of businesses and reset leadership, strategy, and execution expectations.

Second-quarter strategy updateThe August update showed Bitcoin still dominates the company, while management promised businesses that generate steady cash.

On August 11, the company reported 43,514 Bitcoin, about $106 million of cash, and roughly $484.5 million of convertible notes, meaning debt that can turn into shares. First-half cash used by operations was about $11.6 million, while the $1.27 billion accounting loss mostly reflected lower Bitcoin prices. The accompanying shareholder letter acknowledged a sizable share-price gap below Bitcoin holdings and shifted emphasis toward governance, operating businesses, acquisitions, and lending. The update matters because future value now depends not just on Bitcoin, but on whether management can create recurring cash.

Bitcoin reboundBitcoin rose above seventy-nine thousand dollars, lifting the marked value of Twenty One’s dominant asset base.

On September 3, Bitcoin traded above $79,000 and was more than 2% higher over 24 hours, while XXI was about 9.8% higher at 2:04 p.m. Eastern Time. Twenty One's 43,514 Bitcoin position means each $1,000 move in Bitcoin changes the gross marked value of its holdings by about $43.5 million. That direct balance-sheet sensitivity makes the stock naturally responsive to Bitcoin moves. The simultaneous rally is economically consistent with that mechanism, but price timing alone cannot prove Bitcoin caused the entire share move.

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Revenue

No reported data

Net income

2025

Free cash flow

2025

Total cash / debt

CashTotal debt

2025

Financial statements

	2025
Operating expenses	$14.6M
Operating income	−$14.6M
Net income	−$217.3M

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

3.57%of listed shares

MORGAN STANLEY12.38M shares · Jun 30, 2026

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Top 20 reported holders of XXI
Holder	% owned
MORGAN STANLEY	3.57%12.38M shares
CANTOR FITZGERALD, L. P.	2.50%8.68M shares
BlackRock, Inc.	1.81%6.28M shares
GEODE CAPITAL MANAGEMENT, LLC	1.17%4.07M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.15%3.98M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.79%2.73M shares
STATE STREET CORP	0.78%2.7M shares
VANGUARD FIDUCIARY TRUST CO	0.54%1.88M shares
Anson Funds Management LP	0.37%1.28M shares
UBS Group AG	0.25%879.04K shares
NORTHERN TRUST CORP	0.23%782.08K shares
Amundi	0.13%456.63K shares
Avenir Tech Ltd	0.12%400K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	0.06%218.87K shares
Bitwise Funds Trust	0.06%196.11K shares
Meehan Steven	≈0.05%185.99K shares
Weiss Asset Management LP	0.04%142.58K shares
Vanguard Global Advisers, LLC	0.04%132.91K shares
Bank of New York Mellon Corp	0.03%98.24K shares
J. Derek Lewis & Associates Inc.	0.02%80.21K shares

Percentages use 346.81M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Twenty One Capital, Inc. (XXI)

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