{
  "id": 19816532,
  "title": "Earnings call transcript: Twenty One Capital posts $1.1 billion q3 profit on bitcoin rally",
  "url": "https://urgent.news/2026/11/13/earnings-call-transcript-twenty-one-capital-posts-1-1-billion-q3",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-13T14:12:51.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/transcripts/earnings-call-transcript-twenty-one-capital-posts-11-billion-q3-profit-on-bitcoin-rally-93CH-5025666"
  },
  "original_language": "en",
  "account": "Twenty One Capital reported a staggering $1.1 billion profit for the third quarter of 2026, marking a dramatic turnaround from a $413 million loss in the previous quarter. The surge in Bitcoin's value drove the company's earnings, with the cryptocurrency's fair value rising by $1.1 billion during the period.\n\nAt the end of Q3 2026, Twenty One Capital owned 43,514 Bitcoins, a figure that remained unchanged from the previous quarter. The fair value of these Bitcoin holdings increased to approximately $3.6 billion, valuing each coin at around $83,700. This dramatic rise in Bitcoin's price, from $58,600 at the end of June to $83,700 by the end of September, was the primary source of the company's earnings.\n\nDespite the substantial profit, the company continues to operate at a loss when considering operating cash flow. During the quarter, Twenty One Capital used $1.7 million in cash from operations and $13.3 million year to date. The business has yet to generate positive operating cash flow from its core activities, indicating that the earnings are largely accounting-based rather than indicative of strong operational performance.\n\nThe company's CEO, Rapha Zagury, has stated that Twenty One Capital's strategy is shifting from a pure Bitcoin treasury model to include operating businesses, lending, and capital markets activities. Management is exploring opportunities in mining, Bitcoin-backed lending, treasury operations, and energy-related ventures, with the goal of creating earnings power beyond Bitcoin price fluctuations.\n\nInvestors received the earnings report positively, with the stock rising 1.4% in premarket trading to $5.07. However, the shares are still far below their 52-week high of $17.69 and only slightly above their 52-week low of $4.15. This moderate market reaction reflects the skepticism surrounding the company's strategy and the volatility of its earnings, which are heavily influenced by Bitcoin's price fluctuations.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}