Twenty One Capital posts $1.27b loss in H1, Bitcoin holdings unmoved

Twenty One Capital is sitting on 43,514 Bitcoin, valued at roughly $2.8 billion to $2.9 billion depending on where the market closes on any given day. That number has not moved since the company added 6,284 BTC on July 30, 2025, making it one of the more deliberate corporate accumulators in the public market. The company trades on the NYSE under the ticker XXI and positions itself as a pure-play Bitcoin treasury vehicle. A company built around one asset Twenty One Capital came together through a SPAC merger with Cantor Equity Partners and began trading on December 9, 2025. Its backers include Tether and SoftBank Group. The company’s average cost basis sits at approximately $84,865 per BTC. The focus on Bitcoin per share as the core performance metric sets Twenty One Capital apart from traditional corporate treasury strategies. Rather than measuring success in earnings per share or revenue growth, the firm tracks how much Bitcoin each share represents. At 43,514 BTC, Twenty One Capital ranks among the largest public corporate holders of Bitcoin globally, previously occupying the second or third spot on that list depending on how competitors’ holdings shifted in a given quarter. Lead...