Which Public Companies Hold the Most Bitcoin?

Twenty One Capital (XXI) reported Q3 2026 earnings, highlighting strategic hires, Bitcoin investments, and operational updates. The company's Bitcoin treasury gained $1.1B due to price appreciation, with Bitcoin valued at $83,700 per coin. Operating expenses decreased to $4.8M, driven by lower stock-based compensation. The company discussed plans for mining, lending, and potential acquisitions, emphasizing Bitcoin as a key asset.

Twenty One Capital reported a $1.087 billion profit in Q3 due to Bitcoin's value increase, but 60% of that profit has since disappeared. The company's 43,514 Bitcoins are now worth about $700 million less than their purchase price. The company had no revenue and a $4.8 million operating loss. Shares fell 0.6% on the news.

Twenty One Capital reported Q3 operating expenses of $26.1M, with net cash used at $1.7M. The company is evaluating acquisitions in mining, lending, and energy, aiming for cash-generating businesses. It has $102.8M in cash and $486.5M in convertible notes, with 27,398 Bitcoin unpledged. Executives discussed potential share buybacks and long-term business growth.

MSCI will exclude Strategy (formerly MicroStrategy), the largest corporate Bitcoin holder, from its indices due to its financial investment model. The change, effective December 1, 2026, may trigger passive fund sales of up to $2.8 billion in shares, according to MSCI and Reuters. Strategy's shares fell 2.5% post-announcement, reflecting potential market impact.

Strategy (MSTR) shares dropped 3.64% to $110.24 on November 13 as Bitcoin fell 3% to $69,342. MSCI will remove MSTR from its indexes on November 30, potentially triggering $2.8B-$8.8B in outflows. MSTR holds 848,517 Bitcoin, bought at an average of $75,446 each, now trading at an 8.1% loss.

Twenty One Capital (XXI) reported $1.087 billion net income for Q3, with CEO Rapha Zagury attributing nearly all to a $1.093 billion rise in bitcoin value, not operational cash. The company held 43,514 BTC and $102.8 million in cash, with $486.5 million in convertible notes backed by 16,116 BTC. The SEC filing showed a $186.5 million net loss for the first nine months of 2026, implying $1.27 billion in losses for the first half. XXI is evaluating deals in mining, lending, treasury, and energy.