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cryptoAug 12, 2026, 7:00 AM

Twenty One Takes $413.5M Loss on Bitcoin Revaluation, New CEO Eyes Berkshire Hathaway Pivot

Crypto treasury Twenty One posted a $413.5 million quarterly loss, driven largely by bitcoin revaluation. CEO Raphael Zagury now plans to transform the company into a diversified holding akin to Berkshire Hathaway, pursuing acquisitions and BTC-backed lending.

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Twenty One, a digital asset treasury firm, reported a $413.5 million quarterly loss, almost entirely attributed to the mark-to-market revaluation of its bitcoin holdings. The figure highlights the earnings volatility faced by companies with significant crypto exposure.

New CEO Raphael Zagury unveiled a strategic overhaul, aiming to reshape Twenty One into a vehicle similar to Berkshire Hathaway. The plan includes buying operating businesses, ramping up merger and acquisition activity, and eventually offering loans collateralized by bitcoin.

The pivot signals a departure from pure treasury management toward a broader holding company model, seeking to build long-term value beyond crypto price swings.

Source: ForkLog