{"url_path":"/sec/xxi/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/2070457/0001213900-26-055938-index.html","accession_number":"0001213900-26-055938","cik":"0002070457","ticker":"XXI","issuer_name":"Twenty One Capital, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2070457/0001213900-26-055938-index.html","primary_entity_key":"0002070457","primary_entity_name":"Twenty One Capital, 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STATES\n\nSECURITIES AND EXCHANGE\nCOMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n(Mark\nOne)\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition\nperiod from ____________ to ____________\n\n \n\nCommission file number 001-42977\n\n \n\nTWENTY ONE CAPITAL, INC.\n\n(Exact name of registrant as specified in its charter)\n\n \n\nTexas 36-2506682\n\n(State or other jurisdiction of\n\nincorporation or organization)\n \n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n111 Congress Avenue, Suite 500\nAustin, Texas 78701\n\n(Address of principal executive offices)\n \n(Zip Code)\n\n \n\n(206) 552-9859\n\n(Registrant’s telephone number, including area code)\n\n \n\nN/A\n\n(Former name, former address and former fiscal year, if changed since last report)\n\n \n\nSecurities registered\npursuant to Section 12(b) of the Act:\n\n \n\nTitle\nof each class\n \nTrading\nsymbol(s)\n \nName\nof exchange on which registered\n\nClass A Common Stock, par value $0.01 per share XXI The New York Stock Exchange\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☒ No ☐\n\n \n\nIndicate by check mark\nwhether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an\nemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller\nreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer ☐\nAccelerated filer ☐\n\nNon-accelerated filer ☒Smaller reporting company ☒\n\n Emerging growth company ☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs of May 12, 2026, there were 346,807,836 shares of its Class A common stock, par value $0.01 per share and 304,842,759 shares of its Class B common stock par value $0.01 per share, were issued and outstanding.\n\n \n\n \n\n \n\n \n\n \n\n \n\nTWENTY ONE CAPITAL, INC.\n\nTABLE OF CONTENTS\n\n \n\n \n \nPage\n\n[PART 1 – FINANCIAL INFORMATION](#a_001)\n \n \n\n[Interim Financial Statements](#a_002)\n \n1\n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and\nDecember 31, 2025](#a_003)\n \n1\n\n[Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2026](#a_004)\n \n2\n\n[Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity for the three months ended March 31, 2026](#a_005)\n \n3\n\n[Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2026](#a_006)\n \n4\n\n[Notes to the Condensed Consolidated Financial Statements (Unaudited)](#a_007)\n \n5\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_008)\n \n21\n\n[Quantitative and Qualitative Disclosures about Market Risk](#a_009)\n \n30\n\n[Control and Procedures](#a_010)\n \n31\n\n \n \n \n\n[PART II – OTHER INFORMATION](#a_011)\n \n \n\n[Legal Proceedings](#a_012)\n \n32\n\n[Risk Factors](#a_013)\n \n32\n\n[Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](#a_014)\n \n32\n\n[Defaults Upon Senior Securities](#a_015)\n \n32\n\n[Mine Safety Disclosures](#a_016)\n \n32\n\n[Other Information](#a_017)\n \n32\n\n[Exhibits](#a_018)\n \n33\n\n \n \n \n\n[SIGNATURES](#a_019)\n \n35\n\n \n\ni\n\n \n\n \n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\n \n\nThis\nQuarterly Report on Form 10-Q (this “Report”) contains “forward-looking statements” (as defined in Section 27A\nof the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934,\nas amended (the “Exchange Act”) that reflect our current expectations and views of future events. The forward-looking statements\nare contained principally in the section of this Report entitled “Management’s Discussion and Analysis of Financial Condition\nand Results of Operations.” Readers are cautioned that significant known and unknown risks, uncertainties and other important factors\n(including those over which we may have no control) and others listed in this Report, in the “*Item 1A. Risk Factors*”\nsection of our Annual Report on Form 10-K for the period from March 7, 2025 (inception) to December\n31, 2025 (“2025 Form 10-K”), as filed with the Securities and Exchange Commission (the “SEC”) on March 31,\n2026, and in our other filings with the SEC may cause our actual results, performance or achievements to be materially different from\nthose expressed or implied by the forward-looking statements.\n\n \n\nYou\ncan identify these forward-looking statements by terms such as “anticipate,” “believe,” “continue,”\n“could,” “depends,” “estimate,” “expects,” “intend,” “may,” “ongoing,”\n“plan,” “potential,” “predict,” “project,” “should,” “will,” “would,”\n“assumption” or “judgment” or the negative of those terms or other similar expressions, although not all forward-looking\nstatements contain those words.\n\n \n\nThese\nforward-looking statements present our estimates and assumptions only as of the date of this Report and are subject to several known\nand unknown risks, uncertainties, and assumptions. Accordingly, you are cautioned not to place undue reliance on forward-looking statements,\nwhich speak only as of the dates on which they are made. Important factors that could cause actual results to differ materially from\nthose in the forward-looking statements include, but are not limited to, those challenges summarized below:\n\n \n\n●financial results or strategies\nregarding the Company,\n\n \n\n \n●\nstatements regarding the anticipated benefits of the Business Combination,\n\n  \n\n●the assets held by the Company,\n\n \n\n●the price and volatility of\nBitcoin,\n\n \n\n●Bitcoin’s growing prominence\nas a digital asset and as the foundation of a new financial system,\n\n \n\n●the Company’s listing\non the New York Stock Exchange,\n\n \n\n●the macro and political conditions\nsurrounding Bitcoin,\n\n \n\n●the planned business strategy\nincluding the Company’s ability to develop a corporate architecture capable of supporting financial products built with and on\nBitcoin and future innovations that will replace legacy financial tools with Bitcoin-aligned alternatives,\n\n \n\n●the Company’s ability\nto grow its Bitcoin per share, and Bitcoin return rate,\n\n \n\n●the Company’s ability\nto build Bitcoin financial services and build on top of Bitcoin with high-margin, high-growth cash flow opportunities,\n\n \n\n●the Company’s ability\nto give its shareholders Bitcoin exposure to participate in Bitcoin in the capital markets plans and use of proceeds as well as any potential\nfuture capital raises,\n\n \n\n●objectives of management for future operations of the Company, including any potential transactions with Strike and Elektron,\n\n \n\n●the upside potential and opportunity\nfor investors,\n\n \n\n●the Company’s plan for\nvalue creation and strategic advantages, market size and growth opportunities, technological and market trends, and\n\n \n\n●future financial condition and\nperformance and expected financial impacts of the Business Combination.\n\n \n\nThe foregoing does not represent\nan exhaustive list of matters that may be covered by the forward-looking statements contained herein or risk factors that we are faced\nwith. Forward-looking statements necessarily involve significant risks and uncertainties, and our actual results could differ materially\nfrom those anticipated in the forward-looking statements due to a number of factors, including those set forth in our 2025 Form 10-K\nand other SEC filings. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are\nexpressly qualified in their entirety by the cautionary statements contained above. Prior to investing in our common stock, you should\nread this Report, our 2025 Form 10-K and other SEC filings completely and with the understanding that our actual future results may\nbe materially different from what we currently expect. We qualify all of our forward-looking statements by these cautionary statements.\n\n \n\nThe\nforward-looking statements made in this Report relate only to events or information as of the date of this Report. Except as required\nby law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information,\nfuture events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.\n\n \n\nii\n\n \n\n \n\nPART I - FINANCIAL\nINFORMATION"}