Twenty One Capital Made $1 Billion in Bitcoin Profit. 60% is Already Gone

Twenty One Capital reported a $1.087 billion third-quarter profit on Friday. The money came from Bitcoin (BTC) rising in value, and about 60% of it has already disappeared. Bitcoin has fallen since the quarter closed on Sept. 30. The Texas firm’s coins are now worth about $700 million less than it paid. Where Did Twenty One Capital’s $1 Billion Profit Come From? US accounting rules require companies to book changes in the value of crypto they hold as profit or loss. No coins need to be sold. At the end of September, each Bitcoin was worth about $83,700, the company’s quarterly filing shows. That price lifted its 43,514 coins by $1.093 billion. Meanwhile, the business itself reported no revenue. It posted a $4.8 million operating loss for the quarter.

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