Twenty One Capital reported a $414 million loss in Q2 2026. Raphael Zagury was appointed CEO on July 20, 2026, succeeding Jack Mallers at the helm of the Tether-backed company listed on the NYSE under ticker XXI. The new leadership has decided to move away from a pure Bitcoin treasury accumulation model toward developing operational platforms and services, with a focus on cash flow generation and disciplined capital allocation. Proposed mergers with Strike and Elektron Energy have been abandoned. This strategy aims to create a buffer against Bitcoin volatility and justify the equity premium over spot ETFs.
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