Twenty One's Q3 net profit was $1.087 billion, holding 43,500 BTC.

Twenty One Capital (NYSE: XXI) reported third-quarter net income of $1.087 billion, driven almost entirely by a $1.093 billion fair-value gain on its bitcoin holdings rather than operating cash flow. The company held 43,514 BTC at quarter-end, valued at roughly $83,700 per coin, alongside $102.8 million in cash and equivalents and $486.5 million in convertible debt principal collateralized by about 16,116 BTC. CEO Rapha Zagury said the balance sheet is "just a starting point" and that the company must build cash-generating businesses around its treasury, with per-share value growth as the key metric rather than coin count or fundraising size. Management is evaluating opportunities in mining, lending, treasury management and energy, has walked away from deals with unattractive economics or terms, and said buybacks deserve serious consideration when the share price trades below underlying asset value. The company also plans to fund bitcoin open-source development and security research, including AI-assisted vulnerability detection and quantum-threat work.