Twenty One Capital reported a $413.5 million net loss in Q2, primarily due to a $401.5 million decline in the value of its Bitcoin holdings. Newly appointed CEO Raphael Zagury, who took over three weeks ago, outlined plans to transform the firm into a "bigger-picture bitcoin operating company" beyond just a Bitcoin treasury. His priorities include strengthening governance, building/acquiring operating businesses, developing capital-market capabilities, establishing M&A operations, and launching a Bitcoin lending and credit business. Twenty One Capital holds 43,514 Bitcoin, making it the second-largest publicly traded Bitcoin treasury. Its shares rose about 1% today but are down nearly 50% year-to-date.