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Odaily News Tether-backed bitcoin treasury company Twenty One Capital (NYSE: XXI) has released its financial results for the second quarter of 2026, reporting a net loss of $413.5 million, primarily driven by a decline in the value of its bitcoin holdings.According to the financial report, approximately $401.5 million of Twenty One Capital's second-quarter loss was attributable to a decrease in the book value of its bitcoin assets. As the company uses bitcoin as its core asset allocation, fluctuations in BTC prices directly impact its financial performance.New CEO Raphael Zagury stated that Twenty One Capital can no longer exist solely as a "Bitcoin treasury" company, but needs to transform into a broader financial services platform. Zagury outlined that the company's next phase of plans will focus on three key directions, including: expanding its business footprint through mergers and acquisitions; enhancing financing capabilities through capital market instruments; and exploring bitcoin-collateralized lending businesses. (The Block)
Odaily News, Jack Mallers, founder of Strike and CEO of Twenty One Capital, stated that Bitcoin’s drop below $63,000 is not merely a sentiment issue but a reflection of the reality of insufficient liquidity in the global financial system.Mallers believes that while U.S. consumer confidence is at historic lows, the S&P 500 remains at all-time highs, indicating that traditional stock market signals have been distorted by policy intervention. In contrast, Bitcoin, as a 24/7 trading asset, more closely mirrors the true conditions of global liquidity and market stress.He emphasized that during periods of liquidity tightening, investors often "sell what they can, not what they want." Therefore, Bitcoin's decline may not signify a collapse of long-term conviction but rather forced selling under capital pressure.Additionally, Mallers questioned Strategy's perpetual preferred stock financing structure, suggesting it could place the company in a capital structure dilemma when liquidity is needed in the future, forcing trade-offs among different stakeholders.