Twenty One Capital debuts as Bitcoin treasury company with 43,500 BTC, debt, no revenue

Filed March 31, 2026 · Period ending December 31, 2025 · ~2 min read

Key Changes

• high

  Company launched Dec 2025 via SPAC merger holding ~43,500 Bitcoin ($3.8B at year-end) funded by $487M convertible notes and $365M equity PIPE. Tether and Bitfinex hold majority ownership; SoftBank invested $999M for minority stake.

  Business / MD&A: Formation verify on EDGAR →
• high

  Bitcoin holdings generate no cash flow and company has no revenue. Operating expenses run $14.6M annually. Must sell Bitcoin or raise capital to fund operations and $5M annual debt interest. Accumulated deficit $263M since March inception.

  MD&A: Financial Results / Risk Factors verify on EDGAR →
• high

  Convertible notes secured by 16,116 Bitcoin with automatic quarterly collateral releases if Bitcoin price rises or public float grows. Releases are permanent—no mechanism to restore security if price later falls.

  Risk Factors: Collateral Release / MD&A verify on EDGAR →