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- Material Weakness (new) — Disclosure controls and procedures were not effective due to a material weakness in internal control over financial reporting related to RSU and PIPE Bitcoin sale accounting.
- Going Concern (new) — Financial statements are prepared on a going-concern basis, though management states current liquidity is sufficient for at least one year.
XXI posts $413.5M Q2 net loss as Bitcoin fair value drops $401.5M; cash at $106.1M
Filed August 11, 2026 · Period ending June 30, 2026 · ~1 min read
Key Changes
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high
Net loss was $413.5 million for Q2 and for the first half, driven by a $401.5 million and $1.25 billion decline in Bitcoin fair value.
MD&A: Net loss and Bitcoin fair value decline verify on EDGAR → -
high
Cash balance was $106.1 million and net working capital $110.6 million at June 30, 2026, with an accumulated deficit of $1.54 billion; management says liquidity is sufficient for at least one year.
MD&A: Liquidity and capital resources verify on EDGAR → -
high
About 16,116 Bitcoin are pledged as collateral for convertible notes and cannot be used for liquidity; notes carry ~$5.0 million annual interest and $486.5 million principal at maturity.
MD&A: Convertible notes and collateral verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 26, 2026 · How we verify