Twenty One Capital Stock Climbs 4.9% as Tether-Backed Bitcoin Treasury Firm's CEO Is Set to Speak Today

NEW YORK — Shares of Twenty One Capital, the Tether-backed bitcoin treasury company listed on the New York Stock Exchange as XXI, rose 4.89%, or 32 cents, to $6.97 as of 10:03 a.m. Eastern time on Monday, even as the broader market slipped, and the company's chief executive was scheduled to speak at a bitcoin treasuries conference in Manhattan later in the day.

None of the coverage reviewed identified a company-specific announcement behind Monday's move. What is clear is that the stock has recovered sharply from its summer lows. XXI closed at $4.58 on August 10, according to the company's filings as cited by Bitget News, meaning Monday's price is about 52% higher. Over the same period, bitcoin has rebounded: BeInCrypto reported the cryptocurrency trading near $63,555 on August 11, and Yahoo Finance quotes showed it around $84,800 over the weekend. Shares remain far below their 52-week high of $12.51.

Twenty One Capital, based in Austin, Texas, went public in December 2025 through a merger with Cantor Equity Partners, a blank-check company sponsored by an affiliate of Cantor Fitzgerald. It holds 43,514 bitcoin, which ranks second among public companies behind Strategy, according to BitcoinTreasuries.net. At about $84,800 per coin, that stack would be worth roughly $3.7 billion, a calculation that uses June 30 holdings and a weekend price rather than a company figure.

The company has been through an upheaval since July. Co-founder Jack Mallers stepped down as chief executive effective July 20 to focus on Strike, the bitcoin payments company he leads, and was succeeded by board member Raphael Zagury, the founder of the bitcoin miner Elektron Energy and a former executive at Goldman Sachs, Deutsche Bank and Merrill Lynch. Tether's plan to merge Twenty One, Strike and Elektron into a single listed company was abandoned, with Strike remaining independent. A narrower combination of Twenty One and Elektron remains under evaluation, though the company has described the talks as preliminary. Decrypt reported that XXI shares fell nearly 18% after the announcements. Tether, the stablecoin issuer, had tightened its control in May by buying SoftBank's roughly 25% stake, according to the same report.

The financial picture reflects bitcoin's slide earlier in the year. Twenty One posted a net loss of $413.5 million in the second quarter, mostly because of the falling value of its holdings, The Block reported. For the first half, the loss was $1.27 billion, tied to bitcoin's drop from $87,316 at the start of 2026 to $58,605 on June 30, according to BeInCrypto, which cited the company's quarterly filing. The company ended the quarter with $106.1 million in cash and about $484.5 million of convertible notes outstanding, The Block reported. TFTC reported that the company had no operating revenue in the first quarter and an operating loss of $10.57 million. Bitcoin Treasuries put the company's enterprise mNAV, which compares its valuation with the value of its bitcoin, at 0.7x in August, a sign that investors were valuing the company below its coins.

Zagury has described that discount as a problem to fix and has said the company must become more than a bitcoin treasury. In his first shareholder letter on August 11, he wrote: "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." The letter outlined five priorities, including strengthening governance and building or acquiring operating businesses, and Zagury committed to writing shareholders at least quarterly and to a fuller update later this year, according to BitcoinTreasuries.net. In a Coin Stories interview published September 15, he said the company was weighing a preferred stock instrument modeled on Strategy's STRC to raise money for more bitcoin purchases, while framing it as a possibility rather than a decision. "If it makes sense, why wouldn't we do it," he said, according to Crypto Times.

Analysts have flagged risks alongside the strategy. TFTC noted that the operating model is unproven, that the proposed Elektron deal has no definitive agreement, and that any combination would be a related-party transaction given Tether's ownership of both companies. BitcoinTreasuries.net reported that about 37% of the company's treasury was pledged, and it listed a buyback authorization and a definitive structure for any Elektron deal, including the terms and independent review process, as signals to watch.

Monday's conference appearance may give investors more color. Twenty One said Zagury will speak at the Bitcoin Treasuries Conference at SECOND in New York City, with the session livestreamed on YouTube, according to a Business Wire announcement. The company has not said what he will discuss.

The stock's rise came on a difficult day for the broader market. The Dow Jones Industrial Average was down about 0.6% in early trading as oil and Treasury yields jumped after President Donald Trump rejected an Iranian proposal, and shares of AI-related chipmakers fell. IBTimes Australia noted in August that the company's near-term trajectory is tied both to the execution of Zagury's operating plan and to the broader direction of bitcoin prices.

Whether Monday's gain lasts will depend largely on bitcoin and on evidence that the new strategy is producing something beyond holdings. Investors are watching third-quarter results, any update on the Elektron talks, and whether the company moves ahead with new financing. This article is a report on market developments and is not investment advice.