Crypto

Twenty One Tries to Move Beyond Its Massive Bitcoin Holdings

Guavy AI Editorial Team Published August 12, 2026

Instruments

BTC

Twenty One's new CEO, Raphael Zagury, has addressed shareholder concerns that the company is only worth owning because of its massive Bitcoin holdings. The company posted a net loss of $413.5 million in Q2 2026 due to a non-cash change in fair value of its BTC holdings.

The decline is largely due to Bitcoin's price plunge, which has shed about 50% of its value since hitting an all-time high of $126,080 in October. This has hurt companies like Twenty One, which have seen their stock prices suffer as a result.

Zagury acknowledged the concerns and stated that Twenty One must become 'more than a Bitcoin treasury' to regain investor confidence. He reassured investors that efforts are underway to build a conservatively leveraged Bitcoin-backed lending/credit business and support Bitcoin developers, 'no-strings attached.'

Twenty One Tries to Move Beyond Its Massive Bitcoin Holdings

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