Twenty One Capital Inc. Class A Common Stock (XXI)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this as a business, not a ticker. Twenty One Capital says it accumulates Bitcoin and sells educational content, but the filed figures show no revenue in the periods given. In fiscal Q2 2026, the quarter ended 2026-06-30, net income was -$413.5 million; in fiscal Q1 2026, ended 2026-03-31, it was -$859.7 million. Earlier filings show fiscal Q3 2025 net income of -$57,798 and fiscal Q2 2025 net income of -$407,382. Those are not the stable, predictable earnings Graham wanted, and with P/E N/A and EPS N/A there is no earnings-based valuation. The business has no obvious moat: Bitcoin is a commodity-like asset, and educational content is unlikely to create durable pricing power with only three employees. Financial health is mixed. The D/E is 0.22, so reported leverage looks low, and Altman Z-Score is 2.51, above the distress zone but still grey. Against that, Piotroski F-Score is 1/9, a weak signal. Valuation: at the 2026-10-16 close of $5.62, FairStock calculates P/B at 0.89, so the $2.6 billion market cap sits below accounting book value. That may look cheap, but book value is likely tied to volatile Bitcoin holdings and must be trusted only after checking liabilities and mark-to-market. Growth is not demonstrated: revenue is n/a, profit growth is -101411.42% (FairStock calculation), and the Lynch category is none because there are only 0 years of filed results, not the three needed. I would need a clear asset value and cash needs before calling this a margin of safety.

In plain English: Twenty One Capital owns Bitcoin and creates educational materials about Bitcoin. Its recent filings show no reported revenue and very large losses, so the underlying business looks weak and hard to judge. At $5.62, the stock trades below its accounting book value, which may look cheap on that one measure, but the losses mean it is not clearly a bargain.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer