Building businesses
around Bitcoin.
Twenty One Capital holds Bitcoin and is focused on building and acquiring operating businesses around it. Our aim is to grow the earning power behind each share.
Our model
More earning power behind each share.
Bitcoin is the starting point. We aim to own businesses that generate cash and allocate that cash where it can do the most for shareholders.
Reported asset
Bitcoin holdings
Reported holdings, with dates and sources. Reported capital
Intended model
Operating businesses
The model we are building.
Potential cash generation
After operating costs, required investment and obligations.
Capital allocation
Reinvest. Acquire businesses. Buy Bitcoin. Retain liquidity. Return capital.
This describes our intended operating model. Cash generation and capital allocation depend on business performance, funding needs and investment opportunities.
Every investment has to make a convincing case against simply holding Bitcoin.
How we investReported capital
As of September 30, 2026.
Q3 2026 Form 10-Q, filed November 13.
- Cash and cash equivalents
- $102.8M
- Convertible notes, principal
- $486.5M
The Bitcoin total includes approximately 16,116 BTC pledged for the convertible notes. Capital details and share rights. Disclosed Bitcoin addresses: on-chain balances cover those addresses only; they are not a reconciliation or an audit of total holdings.
Market-based calculations
Using prices from November 12, 2026.
Reported inputs from the Q3 2026 Form 10-Q
- EV / gross Bitcoin value
Enterprise value ÷ gross Bitcoin value.
Enterprise value = Class A market value + convertible-note principal ($486.5M) − cash ($102.8M), both reported at September 30, 2026: $2.12B ÷ $3.11B.
Gross Bitcoin value is the reported holding at the November 12, 2026 Bitcoin price; debt is not subtracted. Full method and inputs.
- 0.68x
- +0.3% vs previous session
- Class A market value
Class A shares outstanding × XXI closing price.
346,659,785 Class A shares at November 9, 2026 (cover of the Q3 2026 Form 10-Q) × $5.00, the NYSE close on November 12, 2026.
Class A only: Class B shares carry one vote each and no economic rights, so they are excluded. Not diluted: the convertible notes and equity awards are not counted.
Latest: $4.97, last regular-session trade, Nov 13, 1:10 pm ET. Delayed at least 20 minutes.
- $1.73B
- Class A only, at the Nov 12, 2026 close
- Gross Bitcoin value
Bitcoin held × Bitcoin price. Gross: debt is not subtracted.
43,514 BTC reported at September 30, 2026 (including the approximately 16,116 BTC pledged for the notes) × $71,360.00, the hourly Bitcoin price proxy at the November 12, 2026 close.
Bitcoin uses an hourly price proxy at the NYSE closing-time boundary: the next bar’s open, or the preceding bar’s close when necessary. It is not a verified spot tick at the equity close. The reported holding, not an on-chain balance; later purchases or sales appear only when the next report is filed.
Latest: $68,831, Nov 13, 1:25 pm ET, mempool.space.
- $3.11B
- 43,514 BTC at the Nov 12, 2026 Bitcoin price
These calculations are provided for informational purposes only and do not represent or imply that they are XXI metrics or key performance indicators. Calculated from reported balances and delayed market prices. The financial inputs have different reporting dates. “Latest” lines inside the (i) panels refresh while the page is open and do not change these figures. Definitions and inputs.
Selected updates
Selected company releases and filings, each at its publication date.
- Shareholder letter
Quarterly letter to shareholders
The CEO on the third quarter, capital allocation and what Twenty One is building.
- Company release
- Company release