Twenty One Capital Posts $1.09B Q3 Profit Driven by Unrealized Bitcoin Gain

Twenty One Capital, the Tether-backed bitcoin treasury company, reported third-quarter net income of $1.087 billion, The Block reported on November 13, citing the company’s results for the quarter ended September 30. Roughly $1.09 billion of that came from an unrealized fair-value gain on its bitcoin, so the profit is a paper gain rather than operating earnings. The company-reported operating loss for the quarter was $4.8 million, and interest expense was $1.34 million.

The Block said the firm held 43,514 BTC at quarter-end, valued at about $83,700 per coin, well above today’s price near $68,700. It also reported cash of $102.8 million and $486.5 million in convertible notes, collateralized by about 16,116 BTC. For the first nine months of 2026, the company still shows a net loss of $186.5 million, reflecting bitcoin’s earlier price decline.

Because bitcoin has since dropped, the quarter-end valuation no longer reflects current holdings, and the fourth quarter could reverse much of the gain under the same accounting. The Block reported that the shares fell 19.48% over the past month, against a 16.06% decline for bitcoin.

CEO Rapha Zagury said “a balance sheet is not a business,” according to The Block, adding that the company is evaluating mining, lending, treasury and energy opportunities. He said buybacks would be considered when shares trade below the value of the assets attributable to them.

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Sources:

• The Block: Tether-backed Twenty One Capital reports $1.09 billion Q3 net income on bitcoin gains

• SEC filing: Twenty One Capital Q3 shareholder letter