Twenty One Capital Posts $1.087 Billion Q3 Profit on Bitcoin Gain

Twenty One Capital reported $1.087 billion in net income for the third quarter, as a $1.093 billion accounting gain on its Bitcoin holdings more than accounted for the profit. The quarter ended September 30, 2026, and the reported gain reflected the higher valuation of the company’s Bitcoin, not income from operating businesses.

A quarterly filing showed the company held 43,514 Bitcoin at quarter-end, valued at about $83,700 per coin. It also reported $102.8 million in cash and cash equivalents. The figures describe the company’s holdings and their reporting-date value; the filing does not indicate that the company sold the Bitcoin to realize the gain.

Despite its quarterly profit, Twenty One Capital recorded a $4.8 million operating loss for the three months. It reported a net loss of $186.5 million for the first nine months of 2026, reflecting earlier declines in Bitcoin’s value. The results illustrate how changes in the cryptocurrency’s price can substantially affect the company’s reported earnings.

Chief Executive Rapha Zagury said the company was evaluating opportunities in Bitcoin mining, lending, treasury operations and energy as it seeks to build cash-generating...