Twenty One Capital Posts $1.087B Q3 Profit on Bitcoin Fair-Value Gain

Cointime reports: Twenty One Capital (NYSE: XXI) reported third-quarter net income of $1.087 billion, driven mainly by a $1.093 billion fair-value gain on its bitcoin holdings rather than operating cash flow, CEO Rapha Zagury said in a shareholder letter. The company holds 43,514 bitcoin valued at about $83,700 each, along with $102.8 million in cash and equivalents and $486.5 million in convertible notes secured by roughly 16,116 bitcoin.