Twenty One Capital reported a net loss of $413.5 million in the second quarter, with $401.5 million attributable to the decline in value of its bitcoin holdings. The company holds 43,514 BTC, worth approximately $2.78 billion, making it the second-largest publicly traded bitcoin treasury. New CEO Raphael Zagury, appointed three weeks ago, unveiled a five-point strategic plan to transform the firm into a diversified bitcoin-focused operating company, including acquisitions, capital markets development, and bitcoin-backed lending. The stock trades at $4.62, up 1% on Tuesday but down nearly 50% year-to-date, reflecting a 30% discount to its underlying bitcoin value.
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