Twenty One Capital (XXI)
Builds a corporate Bitcoin treasury and planned Bitcoin-native operating platform.
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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
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $106.1M · Total debt $484.5M · Total assets $2.66B · Shareholders' equity $2.18B
- Revenue
- $0
- Operating income
- −$10.7M
- Net income
- −$413.5M
No dividends on record.
| Institutions | 453.79% | 46.74M shares | |
|---|---|---|---|
| 79 holders · as of Jun 30, 2026 | |||
| Insiders | 27.18% | 2.80M shares | |
| 1 holder · as of Oct 6, 2025 | |||
| Adds to | 480.97% | ||
10.30M company shares as of Aug 21, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 480.97%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Morgan StanleyInstitution | 120.22% | 12.38M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 60.96% | 6.28M | as of Jun 30, 2026 |
Cantor Fitzgerald, L. P.Institution | 42.13% | 4.34M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 39.47% | 4.07M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 38.67% | 3.98M | as of Jun 30, 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 |
- 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.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Twenty One Capital | $6.91 | +0.36% | $70.9M | — | — | — | — |
| Strategy | $165.53 | −1.08% | $55.35B | — | 5.0 | 111.1 | +6.9% |
| BlackRock | $1,069.44 | +0.26% | $165.33B | 25.5 | 17.9 | 6.1 | +30.6% |
| MARA | $13.45 | −1.36% | $5.20B | — | — | 6.5 | −26.7% |
| Riot Platforms | $24.84 | −0.38% | $9.43B | — | — | 14.0 | +13.9% |
| Median | 25.5 | 11.4 | 10.2 | +10.4% |