Twenty One Shifts Focus Beyond Bitcoin Treasury

Bitcoin Treasury Twenty One, one of the largest public Bitcoin treasuries, is shifting its focus to become more than just a Bitcoin holding company. In a letter to shareholders, new CEO Raphael Zagury acknowledged concerns about the firm's stock price trading at a discount to its BTC holdings and the slow pace of growth.

Zagury reassured investors that the work has started to build a conservatively leveraged Bitcoin-backed lending/credit business and support Bitcoin developers 'no-strings attached'. He emphasized that Twenty One must earn the right to be something different from a pure Bitcoin investment, offering a way to own the build around the cryptocurrency.

Twenty One's quarterly earnings for Q2 2026 showed a net loss of $413.5 million driven by a non-cash 'change in fair value' of its BTC holdings. The company's stock price has suffered alongside Bitcoin's decline, down over 1% on Tuesday and more than 50% year-to-date.

Zagury acknowledged that investors who want pure Bitcoin exposure should consider investing directly in the cryptocurrency itself, as Twenty One is not a substitute for it. He cited Strategy (formerly MicroStrategy) as an example of another company with a large corporate BTC holding that has seen its stock suffer due to declining crypto markets.