Bitcoin treasury Twenty One’s new CEO has reassured investors that the firm will become “more than a Bitcon treasury” following shareholder concerns about the company.
The Tuesday letter to shareholders comes after the Bitcoin treasury — the second biggest in the space — released its quarterly earnings: the company posted a net loss of $413.5 million in Q2 2026, driven almost entirely by a non-cash “change in fair value” of its BTC holdings.
Bitcoin treasuries have faced a rough 2026 so far following Bitcoin’s price plunge. The leading cryptocurrency has shed about 50% of its value since it notched a all time high of $126,080 in October, hurting such companies’ stock price.
“Twenty One owns one of the largest Bitcoin balance sheets in the public markets. That is a real advantage, but if Twenty One is going to be worth owning, it must become more than a Bitcoin treasury,” wrote Raphael Zagury, who took the helm in July, replacing Jack Mallers.
Zagury said investors had voiced concerns about the stock trading at a discount to the Bitcoin it holds, and that some thought “the build is not happening fast enough.”
“That work has started: searches for key operating roles are underway,” he said to reassure investors. “Ultimately, actions, not words, will address these concerns and move the company forward.”
Zagury added that the company was going to build a conservatively leveraged Bitcoin-backed lending/credit business, and support Bitcoin developers, “no-strings attached.”
