Twenty One to Become ‘More Than a Bitcoin Treasury,’ Says New CEO

Bitcoin Magazine Twenty One to Become ‘More Than a Bitcoin Treasury,’ Says New CEO Bitcoin treasury Twenty One’s new CEO has reassured investors that the firm will become “more than a Bitcoin 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.  https://t.co/CUhNJBoWYv— Rapha Zagury (@RaphaZagury) August 11, 2026 “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...