Bitcoin-Backed XXI Slumps as Crypto Prices Bite

Twenty One Capital (XXI) is currently trading at a significant discount to its Bitcoin holdings, according to its new CEO Rapha Zagury.

In his first shareholder letter, Zagury acknowledged that the company's stock price reflects a misallocation of capital, with XXI valued at less than the $2.8 billion in Bitcoin it owns.

The discrepancy is largely due to the decline in Bitcoin prices, which fell from $87,316 at the start of 2026 to $58,605 by June 30, erasing $401.5 million in value and pushing the company's half-year deficit to $1.27 billion.

Zagury plans to address this issue by implementing a new strategy that includes expanding operating businesses, making strategic acquisitions (M&A), and introducing Bitcoin-backed lending.