Twenty One Capital
Builds a corporate Bitcoin treasury and planned Bitcoin-native operating platform.
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Profile
Builds a corporate Bitcoin treasury through capital raising and allocation rather than a customer product portfolio. Its intended platform pairs Bitcoin holdings with operating businesses, capital-markets capabilities, and Bitcoin-based financial services, but remains pre-revenue and controlled by Tether.
Maintains a directly held Bitcoin treasury and raises or allocates capital to increase Bitcoin held per share over time. The operating model centers on holding Bitcoin on the corporate balance sheet rather than managing a passive spot fund, with a start-up-stage segment and no established revenue-producing product portfolio.
Operates from Austin with a small U.S.-based team and uses the XXI Standard, Bitcoin Per Share, and Bitcoin Return Rate as internal capital-allocation concepts. Its roadmap names investments in operating businesses, capital-markets capabilities, Bitcoin-based financial services, mining, and infrastructure; Elektron Energy remains a preliminary potential acquisition.
Depends on Bitcoin valuation, access to debt and equity financing, a single primary custodian, and administrative and operational support from Tether. Tether controls shareholder-approval matters, while any Elektron transaction requires related-person review.
Company facts
Categories
Key statistics
Year to date −35.4% · Average volume (30d) 1.8M
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026 | — | −$0.02 | — | — | — | — | −1.75% |
| May 13, 2026Q1 FY26 | — | −$0.02 | — | — | — | — | +5.40% |
| Nov 14, 2025Q3 FY25 | — | −$0.16 | — | — | — | — | −7.53% |
| Aug 13, 2025Q2 FY25 | — | $0.04 | — | — | — | — | −2.74% |
Financial highlights
| 12 quarters | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | $0 | $0 | $0 | $0 | $0 | |
| Operating income | −$157.6K | −$443.1K | −$632.7K | −$635.8K | −$12.8M | −$10.6M | |
| Net income | $1.1M | $717.5K | $478.8K | $2.1M | −$220.6M | −$859.7M | |
| Diluted EPS | $0.09 | $0.06 | $0.04 | $0.16 | −$3.93 | −$14.54 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Mar 31, 2026Cash & short-term investments $114.1M · Total debt $484.4M · Total assets $3.07B · Shareholders' equity $2.59B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 10.30M · Float —
Float — provider float is below the insider stake.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Morgan Stanley | 12.38M | 120.22% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 6.28M | 60.96% | 13F | Aug 7, 2026 |
| Cantor Fitzgerald, L. P. | 4.34M | 42.13% | 13F | Aug 19, 2026 |
| Geode Capital Management, LLC | 4.07M | 39.47% | 13F | Aug 12, 2026 |
| Vanguard Capital Management LLC | 3.98M | 38.67% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Oct 6, 2025 | Howard W. Lutnick | 10 percent owner | −2,800,000 | $0.0001 |
| Oct 6, 2025 | Brandon Lutnick | director, 10 percent owner, officer: Chairman and CEO | +2,800,000 | $0.0001 |
Peers
- Strategy
Largest Bitcoin-treasury peer in public-market capital raising.
- BlackRock
IBIT offers a liquid spot-Bitcoin ETF alternative to listed treasury exposure.
- MARA
Mining-backed Bitcoin treasury competes for capital and listed BTC exposure.
- Riot Platforms
Mining and data-center peer for Bitcoin capital and infrastructure.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Twenty One Capital | $6.12 | +1.83% | $61.9M | — | — | — | — |
| Strategy | $127.88 | +0.46% | $42.12B | — | 3.7 | 84.5 | +6.9% |
| BlackRock | $1,163.84 | −0.03% | $180.49B | 27.8 | 19.5 | 6.6 | +30.6% |
| MARA | $10.68 | +0.19% | $4.07B | — | — | 5.1 | −26.7% |
| Riot Platforms | $18.96 | −0.16% | $7.18B | — | — | 10.6 | +13.9% |
| Median | 27.8 | 11.6 | 8.6 | +10.4% |