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Bitcoin treasury company holding over 40,000 BTC on its balance sheet, majority-controlled by Tether since 2026.
Bitcoin treasury company holding over 40,000 BTC on its balance sheet, majority-controlled by Tether since 2026.
Has no sales of its own: its value comes from the bitcoin it holds, so changes in the bitcoin price move the company directly, and any operating income would come only from the financial services it plans to build.
In one line: A pure-play Strategy (MicroStrategy)-style bitcoin holding vehicle.
Moat: none. Value is essentially a leveraged proxy for the bitcoin price, not an operating moat.
Headquarters: New York, New York, US · Founded: 2025 · Employees: 3
Size Twenty One Capital (XXI) is a United States Financials company (Regional Banks) with a market value of $3.57B, the 1418th largest of 3,117 United States companies the cockpit tracks. Shares closed at $5.48 on 6 Nov 2026.
Performance Over six months the shares fell 36.4%, against +5.1% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Valuation It trades at 1.38× book value against a peer median of 1.13× (5th most expensive of 21).
Short interest Short interest is 2.2% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | $0 | $0 | $0 | $0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | n/a | $0 | $0 | $0 | $0 |
| EBITDA | n/a | -$14.6M | -$343,940 | -$252,870 | -$6,640 |
| Net income | n/a | -$217M | $1.54M | -$252,866 | -$6,644 |
| Free cash flow | n/a | -$2.37M | -$179,350 | $0 | $0 |
| Capital expenditure | n/a | $713M | $0 | $0 | $0 |
| Total debt | $484M | $484M | $333,755 | $182,434 | $148,927 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Twenty One Capital XXI | $3.57B | -36% | n/a | -12% | 1.38× | 7.6% |
| Strategy MSTR | $54.5B | -31% | +4% | -22% | 0.98× | 19.5% |
| MARA MARA | $2.45B | -51% | +1% | -107% | 1.46× | 27.6% |
| RIOT RIOT | $6.27B | -31% | +6% | -51% | 2.94× | 52.5% |
| Metaplanet 3350.T | $2.05B | -27% | +290% | -105% | 0.89× | 5.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | XXI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.3% | +3.4% | 5th lowest of 21 |
| 6-month return | -36.4% | +5.1% | lowest of 21 |
| Return on equity | -12.3% | 9.1% | lowest of 21 |
| Price / book | 1.38× | 1.13× | 5th most expensive of 21 |
| ROE the price implies | 7.6% | 9.2% | 8th least demanding of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Twenty One Capital XXI | United States | $3.57B | -36% | n/a | -12% | 1.38× | 7.6% | n/a |
| Renasant RNST | United States | $3.55B | -2% | +20% | 9% | 0.93× | 9.5% | 8.7% |
| Yamaguchi Financial 8418.T | Japan | $3.54B | +6% | +19% | 6% | 0.84× | 5.8% | 5.7% |
| First Interstate BancSystem FIBK | United States | $3.50B | +4% | -4% | 10% | 1.12× | 9.0% | 9.5% |
| Jiangsu Changshu Rural Commercial Bank 601128.SS | China | $3.48B | -4% | -1% | 14% | 0.67× | 2.5% | 13.8% |
| Nishi-Nippon Financial 7189.T | Japan | $3.47B | +3% | +28% | 8% | 0.88× | 6.9% | 7.8% |
| WesBanco WSBC | United States | $3.70B | +13% | +17% | 9% | 0.96× | 8.2% | 8.8% |
| First Financial Bancorp FFBC | United States | $3.43B | +6% | +13% | 11% | 1.19× | 10.9% | 10.7% |
| Mechanics Bancorp MCHB | United States | $3.41B | -1% | +131% | 10% | 1.33× | 14.8% | 10.2% |
| Chugin Financial Group,Inc 5832.T | Japan | $3.76B | +10% | +34% | 8% | 0.86× | 6.5% | 8.3% |
| Taichung Commercial Bank 2812.TW | Taiwan | $3.38B | -12% | -13% | 11% | 1.16× | 3.9% | 11.2% |
| TowneBank TOWN | United States | $3.36B | +4% | +36% | 13% | 1.08× | 9.0% | 12.9% |
| EQB EQB.TO | Canada | $3.79B | +3% | -4% | 0% | 1.44× | 12.8% | -0.1% |
| Karur Vysya Bank KARURVYSYA.NS | India | $3.80B | +18% | +14% | 21% | 2.32× | 30.7% | 21.0% |
| BancFirst BANF | United States | $3.87B | +2% | -3% | 14% | 1.94× | 12.7% | 13.6% |
| Hirogin 7337.T | Japan | $3.89B | +9% | +26% | 8% | 0.99× | 7.4% | 8.2% |
| First Bancorp FBP | United States | $3.92B | +8% | +3% | 19% | 2.09× | 15.7% | 19.4% |
| Seacoast Banking Corporation of Florida SBCF | United States | $3.24B | +8% | +29% | 7% | 1.25× | 10.9% | 6.8% |
| Independent Bank INDB | United States | $3.94B | +8% | +25% | 9% | 1.14× | 9.5% | 9.3% |
| Bank of Guiyang 601997.SS | China | $3.20B | -3% | -5% | 7% | 0.32× | 2.0% | 6.9% |
| CVB Financial CVBF | United States | $3.99B | +12% | +23% | 9% | 1.27× | 9.8% | 8.6% |