Twenty One Capital (XXI) Q3 2026

Q3 net income was $1,086.8M, driven by a $1,092.9M bitcoin fair-value gain.

Twenty One Capital · Q3 2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

Twenty One Capital (XXI) Q3 2026

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Twenty One Capital Q3 2026 earnings review

Q3 net income was $1,086.8M, driven by a $1,092.9M bitcoin fair-value gain

  1. 1.Loss from operations widened to $4.8M from $0.7M
  2. 2.Twenty One held 43,514 bitcoin at Sep 30, 2026
  3. 3.Cash and cash equivalents fell to $102.8M from $117.7M at Dec 31
  4. 4.The nine-month result was a net loss of $186.5M
  5. 5.Shares were up 1.0% pre-market at $5.05 as of 8:59 AM ET, not a close

Note: The share price change is a DeepCell calculation from CNBC prices. The pre-market price is not a close. Twenty One reports no revenue.Source: Twenty One Capital Q3 2026 Form 10-Q (accession 0001628280-26-073570), Nov 13, 2026; CNBC (third-party market data), Nov 13, 2026 8:59 AM ET

2

2 · Executive summary

Q3 diluted EPS was $2.85, and the shares traded at $5.05 pre-market

Q3 2026 reported results vs. Q3 2025

MetricQ3 2025Q3 2026Change
Net income (loss)-$0.7M$1,086.8Mn.m.
Basic EPS, Class A ($)-$1.15$3.13n.m.
Diluted EPS, Class A ($)-$1.15$2.85n.m.

Share price, Nov 12 regular close to Nov 13

Twenty One Capital (NYSE)Nov 12 closePre-market, 8:59 AM ETChange ($)Change (%)
XXI$5.00$5.05+$0.05+1.0%

Note: No consensus is shown: we did not open a dated third-party consensus, so there is no Beat or Miss. Q3 2025 reflects the pre-combination entity, so changes are not meaningful (n.m.). Prices are CNBC third-party data. The pre-market price is not a close.Source: Twenty One Capital Q3 2026 Form 10-Q (accession 0001628280-26-073570), Nov 13, 2026; CNBC (third-party market data), Nov 13, 2026 8:59 AM ET

3

3 · Q3 results and share price

Twenty One gave no numeric guidance; it repurchased 226,860 Class A shares for $1.2M from its former CEO under a separation agreement

Capital allocation statements in the Q3 2026 shareholder letter (Nov 13, 2026)

TopicCompany statementStatus
Numeric guidanceNone givenn.a.
Operating businessesEvaluating mining, lending, treasury and energyNo deal announced
Share repurchasesConsidered when shares trade below asset valueNo announced plan or program
BitcoinLong-term reserve asset and benchmarkHoldings flat

Note: Per the 10-Q, the 226,860 shares were repurchased on Aug 6, 2026 at $5.23 per share pursuant to the Separation Agreement with the former CEO, and this repurchase was not made pursuant to a publicly announced plan or program.Source: Twenty One Capital Q3 2026 Form 10-Q (accession 0001628280-26-073570), Nov 13, 2026; Twenty One Capital Q3 2026 shareholder letter (Form 8-K, Ex. 99.1, accession 0001628280-26-073571), Nov 13, 2026

4

4 · Capital allocation

Operating loss and interest of $6.2M offset part of the bitcoin fair-value gain

  1. Bitcoin price roseThe fair-value gain reflects a higher bitcoin price at Sep 30 than at Jun 30, as stated.
  2. Gain exceeded profitThe fair-value gain was 100.6% of net income, a DeepCell calculation.
  3. Interest on notesInterest expense on the convertible notes was $1.3M.

Statement of operations (U.S. GAAP)

$MQ3 2025Q3 2026
Total operating expenses$0.7M$4.8M
Change in fair value of digital assets$0.0M$1,092.9M
Total other income, net$0.0M$1,091.6M
Diluted weighted shares (millions)0.6381.8

Note: Twenty One reports no revenue. The combined operating loss and interest figure is a DeepCell calculation.Source: Twenty One Capital Q3 2026 Form 10-Q (accession 0001628280-26-073570), Nov 13, 2026; analysis of company data

5

5 · Q3 key financials

The bitcoin fair-value gain of $1,092.9M turned into net income after costs

Net income bridge

$M, Q3 2026

$M · Fair-value gain: $1,093M$M · Operating loss: -$5M$M · Interest: -$1M$M · Net income: $1,087MFair-value gainOperating lossInterestNet income$0M$250M$500M$750M$1,000M$1,200M$1,093M-$5M-$1M$1,087M
The nine-month change in fair value was a loss of $156.4M.“This GAAP result was primarily driven by a $1.093 billion fair-value gain on our Bitcoin holdings rather than operating cash flow.” Rapha Zagury, CEO

Note: Fair-value changes are unrealized gains and losses on bitcoin held, under U.S. GAAP fair-value accounting.Source: Twenty One Capital Q3 2026 Form 10-Q (accession 0001628280-26-073570), Nov 13, 2026; analysis of company data

6

6 · Net income bridge

Digital assets at fair value fell to $3,643.1M from $3,799.5M at Dec 31

Digital assets at fair value

$M, Dec 31, 2025 to Sep 30, 2026

$M · Dec 31, 2025: $3,799.5M$M · Fair value change: -$156.4M$M · Disposal, net: -$0.1M$M · Sep 30, 2026: $3,643.1MDec 31, 2025Fair value changeDisposal, netSep 30, 2026$0M$1,000M$2,000M$3,000M$4,500M$3,799.5M-$156.4M-$0.1M$3,643.1M
Fair value was $49.7M below the $3,692.8M cost basis at Sep 30, a DeepCell calculation.

Note: Digital assets were 97.1% of total assets at Sep 30, 2026, a DeepCell calculation.Source: Twenty One Capital Q3 2026 Form 10-Q (accession 0001628280-26-073570), Nov 13, 2026; analysis of company data

7

7 · Digital assets at fair value

Bitcoin per share was 12,553 sats, down from 12,557 at Dec 31

  1. HoldingsBitcoin held was 43,515 at Dec 31, 2025; one bitcoin paid an expense.
  2. Share countClass A shares outstanding rose to 346.7 million.
  3. CollateralAbout 16,116 bitcoin secure the convertible notes, as stated.

Bitcoin KPIs

UnitDec 31, 2025Sep 30, 2026
Bitcoin held (count)43,51543,514
Class A shares outstanding (millions)346.5346.7
Bitcoin per share (sats)12,55712,553

Note: BPS is bitcoin held per Class A share in sats, a company KPI; one sat is one hundred-millionth of a bitcoin. Class B shares carry no economic rights.Source: Twenty One Capital Q3 2026 Form 10-Q (accession 0001628280-26-073570), Nov 13, 2026; analysis of company data

8

8 · Bitcoin per share

G&A rose to $4.8M from $0.6M on stock-based pay and public-company costs

  1. Stock-based payStock-based compensation added $0.9M to Q3 G&A, as stated.
  2. Cantor prepaidAmortization of the Cantor prepaid added $1.2M, as stated.
  3. Advisers and insuranceProfessional fees were $1.1M and insurance was $0.5M.

Operating expenses

$MQ3 2025Q3 2026
General and administrative$0.6M$4.8M
Marketing and advertising$0.075M$0.035M
Nine-month G&A, 2026$25.9M

Note: Expense components are as stated in the MD&A of the 10-Q and are rounded to $0.1M.Source: Twenty One Capital Q3 2026 Form 10-Q (accession 0001628280-26-073570), Nov 13, 2026; analysis of company data

9

9 · Operating expense drivers

Nine-month operating cash outflow was $13.3M, and convertible notes stayed at $486.5M principal

  1. CashTwenty One may sell bitcoin only under exceptional circumstances, as stated.
  2. Pledged bitcoinThe pledged bitcoin had a fair value of about $1,350M at Sep 30, as stated.
  3. Pledged sharePledged bitcoin was 37.0% of holdings, a DeepCell calculation.

Balance sheet

$MDec 31, 2025Sep 30, 2026
Total assets$3,926.9M$3,752.2M
Convertible notes, carrying value$484.3M$484.7M
Total liabilities$486.8M$488.0M
Total stockholders equity$3,440.1M$3,264.3M

Note: The 1.0% convertible senior notes are due 2030. The shareholder letter values bitcoin at approximately $83,700 per coin.Source: Twenty One Capital Q3 2026 Form 10-Q (accession 0001628280-26-073570), Nov 13, 2026; Twenty One Capital Q3 2026 shareholder letter (Form 8-K, Ex. 99.1, accession 0001628280-26-073571), Nov 13, 2026

10

10 · Cash and convertible notes

11 · Key risks to outlook

12 · Appendix: Net income build

Appendix: sources

  • Quarterly report, Q3 2026 (Form 10-Q, accession 0001628280-26-073570, Nov 13, 2026) — https://www.sec.gov/Archives/edgar/data/2070457/000162828026073570/xxi-20260930.htm
  • Shareholder letter from the CEO (Form 8-K, Ex. 99.1, accession 0001628280-26-073571, Nov 13, 2026) — https://www.sec.gov/Archives/edgar/data/2070457/000162828026073571/twentyone-q3earningsshareh.htm
  • Share price (third-party market data): CNBC XXI quote, Nov 12, 2026 close $5.00 and pre-market last $5.05 at 8:59 AM ET on Nov 13, 2026 — https://www.cnbc.com/quotes/XXI
  • Twenty One reports under U.S. GAAP in U.S. dollars, in thousands. Q3 2025 reflects the entity before the business combination.

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13

13 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Twenty One Capital, Inc.’s Form 10-Q for the quarter ended September 30, 2026 and its shareholder letter furnished on Form 8-K, both filed on November 13, 2026. Share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP, in U.S. dollars, for the three months ended September 30, 2026 and September 30, 2025. Bitcoin per share is a key performance indicator defined by Twenty One.

Forward-looking statements. Company outlook statements and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 8:59 AM ET on November 13, 2026. The pre-market price is not a close.

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14

14 · Disclosures

Sources

Not investment advice; no rating or price target.

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