Twenty One Capital Posts $413.5 Million Q2 Net Loss on $401.5 Million Bitcoin Valuation Loss
Minseung Kang
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Tether-backed Bitcoin treasury company Twenty One Capital posted a net loss of $413.5 million in the second quarter.
The Block reported on August 11 that the company booked a second-quarter net loss of $413.5 million. Of that total, $401.5 million was tied to a decline in the value of its Bitcoin holdings.
New Chief Executive Officer Raphael Zagury said the company needs to move beyond operating solely as a Bitcoin treasury strategy firm.
He said Twenty One Capital plans to expand into mergers and acquisitions, capital markets businesses and Bitcoin-backed lending.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.