According to The Block, citing SEC filings, Tether-backed Twenty One Capital reported a net profit of $1.087 billion in the third quarter, driven almost entirely by $1.093 billion in fair value gains from its Bitcoin holdings. During the same period, the company recorded an operating loss of $4.8 million and $1.34 million in interest expenses. As of September 30, the company held 43,514 BTC. For the first nine months of 2026, the company posted a cumulative net loss of $186.5 million. CEO Rapha Zagury stated that gains generated from holding assets are distinct from profits driven by operating business. The quarterly gains mentioned above should not be equated to realized cash gains, nor do they represent cumulative profitability for the first three quarters.