Twenty One Capital (XXI)
Market Price (9/22/2026): $6.87 | Market Cap: $3.9 BilSector: Consumer Discretionary | Industry: Education Services
Twenty One Capital (XXI)
Market Price (9/22/2026): $6.87Market Cap: $3.9 BilSector: Consumer DiscretionaryIndustry: Education Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Venture Capital. | Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -114% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -22 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -38% Key risksXXI key risks include [1] substantial financial exposure to Bitcoin's price volatility due to its massive treasury holdings, Show more. |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Venture Capital. |
| Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -114% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -22 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -38% |
| Key risksXXI key risks include [1] substantial financial exposure to Bitcoin's price volatility due to its massive treasury holdings, Show more. |
Qualitative Assessment
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Updated on 9/21/2026
Twenty One Capital (XXI) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Significant Net Losses and Negative Cash Flow in Fiscal Q2 2026. Twenty One Capital (XXI) reported a substantial net loss of approximately $413.5 million for fiscal Q2 2026, which ended on June 30, 2026. This translated to a diluted earnings per share (EPS) of approximately -$0.74 and an EBITDA of around -$412.1 million, indicating the core business was not generating profits. The company also experienced negative operating cash flow and free cash flow, both around -$7.9 million for the quarter, confirming a burn of cash rather than generation. Additionally, key profitability ratios were deeply negative, with return on assets around -47.8% and return on equity near -58.5%.
2. CEO Resignation and Abandonment of Key Merger. On July 20, 2026, CEO Jack Mallers resigned, and Raphael Zagury was appointed as the new Chief Executive Officer on July 21, 2026. This leadership change coincided with the collapse of a proposed three-way merger involving Twenty One Capital, the Bitcoin payments network Strike, and Elektron Energy. This merger was intended to transition Twenty One Capital from a treasury-focused entity to an operating business with recurring revenue. The news of the CEO change and the abandoned merger led to a nearly 10% plunge in the stock price on July 21, 2026, with shares dropping to $4.80.
Show more
Twenty One Capital (XXI) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Significant Net Losses and Negative Cash Flow in Fiscal Q2 2026. Twenty One Capital (XXI) reported a substantial net loss of approximately $413.5 million for fiscal Q2 2026, which ended on June 30, 2026. This translated to a diluted earnings per share (EPS) of approximately -$0.74 and an EBITDA of around -$412.1 million, indicating the core business was not generating profits. The company also experienced negative operating cash flow and free cash flow, both around -$7.9 million for the quarter, confirming a burn of cash rather than generation. Additionally, key profitability ratios were deeply negative, with return on assets around -47.8% and return on equity near -58.5%.
2. CEO Resignation and Abandonment of Key Merger. On July 20, 2026, CEO Jack Mallers resigned, and Raphael Zagury was appointed as the new Chief Executive Officer on July 21, 2026. This leadership change coincided with the collapse of a proposed three-way merger involving Twenty One Capital, the Bitcoin payments network Strike, and Elektron Energy. This merger was intended to transition Twenty One Capital from a treasury-focused entity to an operating business with recurring revenue. The news of the CEO change and the abandoned merger led to a nearly 10% plunge in the stock price on July 21, 2026, with shares dropping to $4.80.
Show more
Updated on 9/21/2026
Twenty One Capital (XXI) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Significant Net Losses and Negative Cash Flow in Fiscal Q2 2026. Twenty One Capital (XXI) reported a substantial net loss of approximately $413.5 million for fiscal Q2 2026, which ended on June 30, 2026. This translated to a diluted earnings per share (EPS) of approximately -$0.74 and an EBITDA of around -$412.1 million, indicating the core business was not generating profits. The company also experienced negative operating cash flow and free cash flow, both around -$7.9 million for the quarter, confirming a burn of cash rather than generation. Additionally, key profitability ratios were deeply negative, with return on assets around -47.8% and return on equity near -58.5%.
2. CEO Resignation and Abandonment of Key Merger. On July 20, 2026, CEO Jack Mallers resigned, and Raphael Zagury was appointed as the new Chief Executive Officer on July 21, 2026. This leadership change coincided with the collapse of a proposed three-way merger involving Twenty One Capital, the Bitcoin payments network Strike, and Elektron Energy. This merger was intended to transition Twenty One Capital from a treasury-focused entity to an operating business with recurring revenue. The news of the CEO change and the abandoned merger led to a nearly 10% plunge in the stock price on July 21, 2026, with shares dropping to $4.80.
3. Discount to Bitcoin Holdings and Pledged Assets. Despite holding over 43,500 Bitcoin (BTC), the company's equity value traded at a significant discount to its Bitcoin treasury. As of August 11, 2026, CEO Raphael Zagury stated that XXI was trading at a "material discount" to its Bitcoin holdings, with the stock approximately 44% below the gross value of its Bitcoin. This gap was partly attributable to the fact that 16,116 BTC, approximately 37% of its total holdings, were pledged as collateral for $486.5 million in convertible notes due in 2030, limiting their availability for liquidity or general corporate purposes. The company also reported a $1.27 billion net loss for the first half of 2026, largely due to a $1.25 billion decline in Bitcoin's fair value, highlighting its sensitivity to cryptocurrency market fluctuations.
4. Negative Analyst Sentiment. Analyst sentiment for Twenty One Capital during this period was negative. As of September 21, 2026, the sole Wall Street analyst covering the stock had issued a "Sell" rating. Finance industry experts characterized XXI as a "speculative, loss-making platform with weak fundamentals". This negative expert outlook contributed to sustained pressure on the stock price and likely discouraged new investment, reflecting an overall lack of confidence in the company's short-term prospects and profitability profile.
Show less
Twenty One Capital (XXI) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Significant Net Losses and Negative Cash Flow in Fiscal Q2 2026. Twenty One Capital (XXI) reported a substantial net loss of approximately $413.5 million for fiscal Q2 2026, which ended on June 30, 2026. This translated to a diluted earnings per share (EPS) of approximately -$0.74 and an EBITDA of around -$412.1 million, indicating the core business was not generating profits. The company also experienced negative operating cash flow and free cash flow, both around -$7.9 million for the quarter, confirming a burn of cash rather than generation. Additionally, key profitability ratios were deeply negative, with return on assets around -47.8% and return on equity near -58.5%.
2. CEO Resignation and Abandonment of Key Merger. On July 20, 2026, CEO Jack Mallers resigned, and Raphael Zagury was appointed as the new Chief Executive Officer on July 21, 2026. This leadership change coincided with the collapse of a proposed three-way merger involving Twenty One Capital, the Bitcoin payments network Strike, and Elektron Energy. This merger was intended to transition Twenty One Capital from a treasury-focused entity to an operating business with recurring revenue. The news of the CEO change and the abandoned merger led to a nearly 10% plunge in the stock price on July 21, 2026, with shares dropping to $4.80.
3. Discount to Bitcoin Holdings and Pledged Assets. Despite holding over 43,500 Bitcoin (BTC), the company's equity value traded at a significant discount to its Bitcoin treasury. As of August 11, 2026, CEO Raphael Zagury stated that XXI was trading at a "material discount" to its Bitcoin holdings, with the stock approximately 44% below the gross value of its Bitcoin. This gap was partly attributable to the fact that 16,116 BTC, approximately 37% of its total holdings, were pledged as collateral for $486.5 million in convertible notes due in 2030, limiting their availability for liquidity or general corporate purposes. The company also reported a $1.27 billion net loss for the first half of 2026, largely due to a $1.25 billion decline in Bitcoin's fair value, highlighting its sensitivity to cryptocurrency market fluctuations.
4. Negative Analyst Sentiment. Analyst sentiment for Twenty One Capital during this period was negative. As of September 21, 2026, the sole Wall Street analyst covering the stock had issued a "Sell" rating. Finance industry experts characterized XXI as a "speculative, loss-making platform with weak fundamentals". This negative expert outlook contributed to sustained pressure on the stock price and likely discouraged new investment, reflecting an overall lack of confidence in the company's short-term prospects and profitability profile.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -9.7% change in XXI stock from 5/31/2026 to 9/21/2026 was primarily driven by a 15.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312026 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.32 | 6.61 | -9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 0 | 0.0% |
| P/S Multiple | � | ∞ | 0.0% |
| Shares Outstanding (Mil) | 651 | 563 | 15.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2026 to 9/21/2026| Return | Correlation | |
|---|---|---|
| XXI | -9.7% | |
| Market (SPY) | 2.5% | 42.7% |
| Sector (XLY) | -7.0% | 39.9% |
Fundamental Drivers
The 15.2% change in XXI stock from 2/28/2026 to 9/21/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.74 | 6.61 | 15.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 0 | 0.0% |
| P/S Multiple | � | ∞ | 0.0% |
| Shares Outstanding (Mil) | 337 | 563 | -40.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 9/21/2026| Return | Correlation | |
|---|---|---|
| XXI | 15.2% | |
| Market (SPY) | 13.4% | 46.6% |
| Sector (XLY) | -3.6% | 42.8% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 9/21/2026| Return | Correlation | |
|---|---|---|
| XXI | ||
| Market (SPY) | 21.2% | 47.7% |
| Sector (XLY) | -2.4% | 38.7% |
Fundamental Drivers
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Market Drivers
8/31/2023 to 9/21/2026| Return | Correlation | |
|---|---|---|
| XXI | ||
| Market (SPY) | 78.3% | 47.7% |
| Sector (XLY) | 34.7% | 38.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| XXI Return | - | - | - | - | -23% | -34% | -49% |
| Peers Return | 43% | -78% | 347% | 106% | 25% | 26% | 361% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| XXI Win Rate | - | - | - | - | 0% | 33% | |
| Peers Win Rate | 45% | 35% | 65% | 48% | 57% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| XXI Max Drawdown | - | - | - | - | - | -57% | |
| Peers Max Drawdown | -67% | -81% | -47% | -50% | -56% | -46% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSTR, COIN, MARA, RIOT, HOOD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/21/2026 (YTD)
How Low Can It Go
XXI has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.
| Event | XLY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.8% | -18.8% |
| % Gain to Breakeven | 27.9% | 23.1% |
| Time to Breakeven | 105 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.2% | -7.8% |
| % Gain to Breakeven | 12.6% | 8.5% |
| Time to Breakeven | 37 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.6% | -9.5% |
| % Gain to Breakeven | 15.8% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.9% | -24.5% |
| % Gain to Breakeven | 56.0% | 32.4% |
| Time to Breakeven | 874 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.9% | -33.7% |
| % Gain to Breakeven | 51.3% | 50.9% |
| Time to Breakeven | 82 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.6% | -19.2% |
| % Gain to Breakeven | 24.4% | 23.8% |
| Time to Breakeven | 98 days | 105 days |
In The Past
State Street Consumer Discretionary Select Sector SPDR ETF's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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XXI has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.
| Event | XLY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.8% | -18.8% |
| % Gain to Breakeven | 27.9% | 23.1% |
| Time to Breakeven | 105 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.9% | -24.5% |
| % Gain to Breakeven | 56.0% | 32.4% |
| Time to Breakeven | 874 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.9% | -33.7% |
| % Gain to Breakeven | 51.3% | 50.9% |
| Time to Breakeven | 82 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.0% | -53.4% |
| % Gain to Breakeven | 104.3% | 114.4% |
| Time to Breakeven | 372 days | 1085 days |
In The Past
State Street Consumer Discretionary Select Sector SPDR ETF's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Twenty One Capital (XXI)
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Jack Mallers, Chief Executive Officer, President, and Director
Jack Mallers is the Co-Founder and Chief Executive Officer of Twenty One Capital. He is also the founder and CEO of Strike, a prominent digital payment provider built on Bitcoin's Lightning Network, which he developed to further Bitcoin's institutional, corporate, and governmental adoption. Mallers is recognized as an outspoken advocate and "Bitcoin maximalist" within the cryptocurrency community.
Steven Meehan, Chief Financial Officer
Steven Meehan serves as the Chief Financial Officer of Twenty One Capital.
James Cong Hoan Nguyen, General Counsel and Chief Compliance Officer
James Cong Hoan Nguyen holds the positions of General Counsel and Chief Compliance Officer at Twenty One Capital.
AI Analysis | Feedback
The key risks to Twenty One Capital's business are:
- Bitcoin Price Volatility: As a "Bitcoin-native" company whose core business involves actively accumulating and managing Bitcoin holdings, Twenty One Capital's financial performance and Net Asset Value (NAV) are intrinsically tied to the volatile market price of Bitcoin. Fluctuations in Bitcoin's price directly and heavily impact the company's valuation and reported earnings.
- Regulatory and Legal Changes: Twenty One Capital faces risks from evolving regulatory landscapes concerning digital asset custody, corporate tax treatments of Bitcoin, and broader cryptocurrency regulations. Adverse changes in these areas could significantly impact the company's operations, valuation, and investor sentiment. The company is classified as an emerging growth company and smaller reporting company, indicating eligibility for reduced reporting requirements, but also highlighting its exposure to regulatory scrutiny as the digital asset space matures.
- Competition from Spot Bitcoin ETFs and Other Bitcoin Exposure Products: The emergence of spot Bitcoin ETFs provides investors with a low-cost and regulated alternative to gain direct Bitcoin price exposure without the operational risks associated with investing in a public company like Twenty One Capital. Additionally, other established companies also offer avenues for Bitcoin exposure, increasing competition in the market for institutional and retail investors seeking to invest in digital assets.
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Twenty One Capital (symbol: XXI) operates as a "Bitcoin-native" company, primarily focused on accumulating and managing Bitcoin, and building Bitcoin-centric financial products and services, as well as educational content.
The addressable markets for Twenty One Capital's main products and services are identified as follows:
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Bitcoin Lending and Decentralized Finance (DeFi) Lending:
- The global Bitcoin loan market was valued at approximately USD 6.72 billion in 2023 and is projected to grow to USD 59.44 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 31.2% from 2024 to 2031. Other estimates place the global Bitcoin loan market at USD 3.64 billion in 2024, projected to reach USD 45.27 billion by 2032 with a CAGR of 26.4% from 2026 to 2032. In Q4 2024, the total crypto lending market, including both centralized (CeFi) and decentralized (DeFi) lending, stood at USD 36.5 billion globally, with DeFi lending accounting for USD 19.1 billion. The global decentralized finance (DeFi) market, which encompasses lending, was estimated at USD 26.94 billion in 2025 and is projected to reach USD 1,417.65 billion by 2033, growing at a CAGR of 68.2% from 2026 to 2033. North America is a significant region in the decentralized finance market, holding a 36.5% share in 2025.
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Bitcoin-centric Financial Products and Services (Capital Markets and Blockchain in Financial Services):
- The global blockchain in banking and financial services market reached USD 2.1 billion in 2024 and is expected to grow to USD 59.0 billion by 2033, exhibiting a CAGR of 42.43% during 2025-2033. Another report indicates the global blockchain in financial services market was accounted for $15.6 billion in 2026 and is expected to reach $328.0 billion by 2034, growing at a CAGR of 46.3% during the forecast period. The global blockchain finance market was evaluated at $8.1 billion in 2023 and is slated to reach $80.02 billion by the end of 2032, with a CAGR of nearly 28.98% between 2024 and 2032. North America held approximately 77% of the global blockchain finance market earnings in 2023. The global crypto asset management market was estimated at USD 1,001.5 million in 2023 and is projected to reach USD 4,594.2 million by 2030, growing at a CAGR of 24.6% from 2024 to 2030. North America dominated the crypto asset management market with a 30.4% share in 2023.
-
Bitcoin/Cryptocurrency Education:
- The global cryptocurrency education market size reached USD 1.28 billion in 2024 and is projected to attain a value of approximately USD 6.17 billion by 2033, with a CAGR of 18.7% from 2025 to 2033. North America dominates this market, accounting for approximately 38% of global revenue in 2024, which translates to about USD 486 million. Asia Pacific is identified as the fastest-growing region in cryptocurrency education, with a projected CAGR of 21.3% from 2025 to 2033, and a market size of approximately USD 352 million in 2024. The broader global blockchain in education market was valued at USD 0.72 billion in 2026 and is projected to reach USD 13.52 billion by 2035, growing at a CAGR of 43.94% from 2026 to 2035. North America leads the blockchain in education market with a 35–40% share.
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Twenty One Capital (symbol: XXI) is a Bitcoin-native financial services company that recently became publicly traded on the NYSE in December 2025. The company's strategy revolves around accumulating Bitcoin and developing Bitcoin-centric businesses. While it has reported no operational revenue in the recent past, its future growth is expected to be driven by the following:
Expected Drivers of Future Revenue Growth:
- Expansion of Bitcoin-centric financial products and services: Twenty One Capital plans to generate revenue through the development and offering of Bitcoin-focused financial services. These include structured lending products secured by digital assets and capital markets advisory services aimed at guiding institutions on Bitcoin integration and other Bitcoin-aligned financial solutions.
- Monetization of educational content and media: The company intends to create and monetize high-quality educational content and media platforms focused on Bitcoin. Revenue streams are expected to come from subscriptions, licensing fees for enterprises, and sponsored partnerships, contributing to its goal of accelerating Bitcoin's integration into the global financial system.
- Yield generation from its Bitcoin treasury: Twenty One Capital aims to generate returns from its substantial Bitcoin holdings. While primarily a balance sheet strategy, the company is positioned to "earn yield on its BTC," which is expected to contribute to its overall financial performance and growth in Bitcoin per share.
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Share Issuance
- Twenty One Capital's business combination with Cantor Equity Partners, which closed on December 8, 2025, included private investment in public equity (PIPE) transactions of a $486.5 million senior convertible notes PIPE and approximately $365 million of common equity PIPEs.
- The company registered up to 35,068,912 shares of Class A common stock issuable upon conversion of the $486.5 million convertible senior notes due 2030.
- As of January 2, 2026, Twenty One Capital had 346,548,153 Class A shares outstanding.
Inbound Investments
- Twenty One Capital is majority-owned by Tether Investments, S.A. de C.V., and Bitfinex, with significant minority ownership by SoftBank Group Corp.
- Tether and Bitfinex contributed 31,500 Bitcoin to the company prior to the closing of its merger.
- The business combination that led to Twenty One Capital's public listing included approximately $365 million in common equity PIPEs and a $486.5 million senior convertible notes PIPE.
Outbound Investments
- Twenty One Capital's strategy is focused on accumulating and managing Bitcoin.
- The company's identity is structurally aligned with digital asset concentration from its inception.
Capital Expenditures
- Twenty One Capital's strategy involves deploying capital into Bitcoin accumulation rather than infrastructure expansion or diversified operating activity.
- The company plans to build out Bitcoin-native financial services, capital markets advisory, lending, and educational media to accelerate Bitcoin's integration into the global financial system.
Peer Outperformance in Education Services
nullShare of Education Services constituents that XXI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
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Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Education Services is XXI's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services ← | 14 | -21.5% | 76.6% | 72.1% | LINC 311% · PRDO 230% · CVSA 229% |
| Homebuilding | 18 | -10.4% | 32.3% | 50.2% | GRBK 208% · PHM 160% · TOL 137% |
| Specialty Stores | 7 | 3.9% | 40.3% | 5.2% | SIG 30% · FIVE 23% · ASO 19% |
| Home Improvement Retail | 5 | -26.5% | -3.7% | 0.4% | HVT 14% · LOW 1% · HD 0% |
| Hotels, Resorts & Cruise Lines | 22 | 12.3% | 47.6% | -0.4% | RCL 203% · MAR 148% · HLT 141% |
| Automotive Retail | 18 | -21.4% | -1.1% | -1.5% | MUSA 222% · PAG 139% · ORLY 100% |
| Distributors | 4 | -12.8% | -26.5% | -13.9% | ARMK 157% · GPC 19% · LKQ -47% |
| Specialized Consumer Services | 10 | -17.8% | 16.6% | -17.5% | HRB 107% · FTDR 81% · SCI 37% |
| Restaurants | 35 | -4.6% | -16.7% | -18.0% | EAT 300% · CAKE 153% · RAVE 128% |
| Home Furnishings | 4 | -9.9% | 18.8% | -18.3% | SGI 35% · LZB 0% · MHK -36% |
| Footwear | 9 | 54.0% | 48.5% | -20.6% | WEYS 157% · SHOO 15% · DECK 13% |
| Leisure Products | 13 | -24.9% | -19.5% | -36.4% | GOLF 77% · HAS 14% · MCFT -21% |
| Apparel, Accessories & Luxury Goods | 27 | -11.3% | 16.9% | -37.8% | RL 232% · TPR 229% · ELA 217% |
| Automotive Parts & Equipment | 38 | -14.8% | -14.1% | -39.8% | MOD 1644% · GTX 306% · STRT 83% |
| Leisure Facilities | 11 | -0.3% | -1.7% | -40.1% | OSW 132% · JAKK 121% · ESCA 26% |
| Household Appliances | 18 | -6.7% | 5.7% | -42.9% | FLXS 171% · KEQU 163% · HBB 131% |
| Casinos & Gaming | 20 | -14.1% | -27.9% | -43.5% | MCRI 105% · RRR 28% · BYD 21% |
| Apparel Retail | 26 | -4.7% | 14.7% | -46.5% | ANF 252% · URBN 128% · ROST 114% |
| Computer & Electronics Retail | 3 | -12.7% | 32.5% | -52.1% | BBY 10% · GME -52% · UPBD -64% |
| Broadline Retail | 15 | -10.3% | 14.6% | -55.3% | DDS 292% · EBAY 62% · AMZN 53% |
| Automobile Manufacturers | 8 | -77.7% | -49.4% | -72.0% | GM 72% · TSLA 50% · F 36% |
| Consumer Electronics | 11 | -13.2% | -10.3% | -73.5% | AXIL 2486% · GRMN 83% · SONO -56% |
| Other Specialty Retail | 18 | -35.7% | -46.0% | -78.7% | TLF 108% · BBW 69% · WINA 55% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Twenty One Capital Stock Slides 23% With A 6-Day Losing Spree | 06/06/2026 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 73.74 |
| Mkt Cap | 30.7 |
| Rev LTM | 739 |
| Op Inc LTM | -31 |
| FCF LTM | -554 |
| FCF 3Y Avg | -961 |
| CFO LTM | -16 |
| CFO 3Y Avg | -39 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.8% |
| Rev Chg 3Y Avg | 42.4% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | -14.2% |
| Op Inc Chg 3Y Avg | -27.2% |
| Op Mgn LTM | -8.1% |
| Op Mgn 3Y Avg | -9.1% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | -4.0% |
| CFO/Rev 3Y Avg | -8.3% |
| FCF/Rev LTM | -154.1% |
| FCF/Rev 3Y Avg | -127.0% |
Price Behavior
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XXI Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.36 | 1.64 | 1.91 | 2.12 | -0.03 | 0.30 |
| Up Beta | -0.97 | 0.10 | 1.72 | 1.25 | 0.09 | -0.12 |
| Down Beta | -12.62 | 0.50 | 2.47 | 2.71 | -0.43 | -0.09 |
| Up Capture | 717% | 310% | 131% | 272% | 174% | 16% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 14 | 23 | 30 | 64 | 81 | 81 |
| Down Capture | 71% | 211% | 201% | 196% | 171% | 95% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 7 | 19 | 34 | 61 | 97 | 97 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XXI | |
|---|---|---|---|---|
| XXI | -42.2% | 73.8% | -0.65 | - |
| Sector ETF (XLY) | -6.0% | 19.5% | -0.44 | 38.7% |
| Equity (SPY) | 18.2% | 13.0% | 1.01 | 47.7% |
| Gold (GLD) | 18.8% | 29.3% | 0.59 | 24.5% |
| Commodities (DBC) | 47.0% | 20.6% | 1.76 | -4.3% |
| Real Estate (VNQ) | 5.7% | 13.6% | 0.15 | 21.5% |
| Bitcoin (BTCUSD) | -31.0% | 44.4% | -0.71 | 73.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XXI | |
|---|---|---|---|---|
| XXI | -10.4% | 73.8% | -0.65 | - |
| Sector ETF (XLY) | 5.0% | 24.1% | 0.17 | 38.7% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 47.7% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 24.5% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | -4.3% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 21.5% |
| Bitcoin (BTCUSD) | 12.5% | 52.6% | 0.42 | 73.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XXI | |
|---|---|---|---|---|
| XXI | -5.3% | 73.8% | -0.65 | - |
| Sector ETF (XLY) | 12.3% | 22.2% | 0.50 | 38.7% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 47.7% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 24.5% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | -4.3% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 21.5% |
| Bitcoin (BTCUSD) | 62.7% | 66.2% | 1.03 | 73.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Investor Activity (13F)
Updated Sep 22, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Education Services Resources |
| EdSurge |
| Education Week |
| Inside Higher Ed |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/21/2026