Twenty One Capital reports $414M Q2 loss under new CEO Raphael Zagury, who plans to leverage the firm's 43,514-BTC treasury into active operations beyond passive holdings.
Macro & Markets ·
Twenty One Capital recorded a $414 million loss in the second quarter as new CEO Raphael Zagury outlined plans to reshape the firm's operating strategy. The firm holds 43,514 BTC on its balance sheet and intends to move beyond passive treasury management to deploy this asset base into active business operations.
The shift marks a departure from treating Bitcoin purely as a reserve holding. Rather than maintaining the traditional corporate Bitcoin treasury model, where companies hold BTC as a balance-sheet asset to hedge against currency dilution, Zagury's plan envisions leveraging the treasury as operational capital. This represents a strategic pivot for the firm under its new leadership.
It remains unclear what specific business activities Twenty One Capital intends to pursue with its BTC treasury or the timeline for transitioning from passive holdings to operational deployment. The nature of losses contributing to the $414 million quarterly shortfall has not been detailed.