Twenty One Capital (XXI)
Market Price (9/17/2026): $5.395 | Market Cap: $3.0 BilSector: Consumer Discretionary | Industry: Education Services
Twenty One Capital (XXI)
Market Price (9/17/2026): $5.395Market Cap: $3.0 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 -89%, 3Y Excs Rtn is -122% | 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 -47% 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 -89%, 3Y Excs Rtn is -122% |
| 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 -47% |
| 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 9/10/2026
Twenty One Capital (XXI) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Twenty One Capital (XXI) reported a significant net loss in fiscal Q2 2026, which ended on June 30, 2026, largely driven by a substantial decline in the fair value of its Bitcoin holdings. The company posted a net loss of $413.5 million for fiscal Q2 2026. This loss was predominantly due to a $401.5 million loss from changes in the fair value of its digital assets, representing over 97% of the total loss. For the six months ended June 30, 2026, the net loss amounted to $1.27 billion, with approximately $1.25 billion attributed to the revaluation of Bitcoin. As of June 30, 2026, the company's Bitcoin holdings were valued at $2.55 billion, a decrease from $3.8 billion at the end of fiscal year 2025.
2. The company has not generated revenue, operating with significant expenses that contribute to ongoing losses. As of the fiscal Q2 2026 report (June 30, 2026), Twenty One Capital had yet to generate any revenue. Operating expenses for fiscal Q2 2026 were $10.7 million, primarily due to stock-based compensation and professional fees. The company's accumulated deficit was $1.5 billion as of June 30, 2026. While it plans to launch Bitcoin-centric financial services and generate revenue from Bitcoin management and educational content, the timing remains dependent on market demand.
Show more
Twenty One Capital (XXI) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Twenty One Capital (XXI) reported a significant net loss in fiscal Q2 2026, which ended on June 30, 2026, largely driven by a substantial decline in the fair value of its Bitcoin holdings. The company posted a net loss of $413.5 million for fiscal Q2 2026. This loss was predominantly due to a $401.5 million loss from changes in the fair value of its digital assets, representing over 97% of the total loss. For the six months ended June 30, 2026, the net loss amounted to $1.27 billion, with approximately $1.25 billion attributed to the revaluation of Bitcoin. As of June 30, 2026, the company's Bitcoin holdings were valued at $2.55 billion, a decrease from $3.8 billion at the end of fiscal year 2025.
2. The company has not generated revenue, operating with significant expenses that contribute to ongoing losses. As of the fiscal Q2 2026 report (June 30, 2026), Twenty One Capital had yet to generate any revenue. Operating expenses for fiscal Q2 2026 were $10.7 million, primarily due to stock-based compensation and professional fees. The company's accumulated deficit was $1.5 billion as of June 30, 2026. While it plans to launch Bitcoin-centric financial services and generate revenue from Bitcoin management and educational content, the timing remains dependent on market demand.
Show more
Updated on 9/10/2026
Twenty One Capital (XXI) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Twenty One Capital (XXI) reported a significant net loss in fiscal Q2 2026, which ended on June 30, 2026, largely driven by a substantial decline in the fair value of its Bitcoin holdings. The company posted a net loss of $413.5 million for fiscal Q2 2026. This loss was predominantly due to a $401.5 million loss from changes in the fair value of its digital assets, representing over 97% of the total loss. For the six months ended June 30, 2026, the net loss amounted to $1.27 billion, with approximately $1.25 billion attributed to the revaluation of Bitcoin. As of June 30, 2026, the company's Bitcoin holdings were valued at $2.55 billion, a decrease from $3.8 billion at the end of fiscal year 2025.
2. The company has not generated revenue, operating with significant expenses that contribute to ongoing losses. As of the fiscal Q2 2026 report (June 30, 2026), Twenty One Capital had yet to generate any revenue. Operating expenses for fiscal Q2 2026 were $10.7 million, primarily due to stock-based compensation and professional fees. The company's accumulated deficit was $1.5 billion as of June 30, 2026. While it plans to launch Bitcoin-centric financial services and generate revenue from Bitcoin management and educational content, the timing remains dependent on market demand.
3. A leadership change and strategic pivot created uncertainty, including the abandonment of a key acquisition. Effective July 20, 2026, Jack Mallers resigned as CEO, and Raphael Zagury was appointed as his successor. The new CEO has outlined a strategic vision to evolve the company beyond a simple Bitcoin treasury, focusing on building or acquiring operating businesses and expanding into M&A, capital markets, and Bitcoin-backed lending. This shift followed the company's disclosure in July 2026 that it was no longer pursuing the acquisition of Strike, which had been previously announced.
4. Twenty One Capital carries substantial convertible debt secured by a portion of its Bitcoin assets. The company has $484.5 million in 1.00% convertible senior notes due 2030, which are secured by approximately 16,116 Bitcoin. These notes represent a significant liability and mean a portion of the company's primary asset, Bitcoin, is pledged as collateral.
Show less
Twenty One Capital (XXI) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Twenty One Capital (XXI) reported a significant net loss in fiscal Q2 2026, which ended on June 30, 2026, largely driven by a substantial decline in the fair value of its Bitcoin holdings. The company posted a net loss of $413.5 million for fiscal Q2 2026. This loss was predominantly due to a $401.5 million loss from changes in the fair value of its digital assets, representing over 97% of the total loss. For the six months ended June 30, 2026, the net loss amounted to $1.27 billion, with approximately $1.25 billion attributed to the revaluation of Bitcoin. As of June 30, 2026, the company's Bitcoin holdings were valued at $2.55 billion, a decrease from $3.8 billion at the end of fiscal year 2025.
2. The company has not generated revenue, operating with significant expenses that contribute to ongoing losses. As of the fiscal Q2 2026 report (June 30, 2026), Twenty One Capital had yet to generate any revenue. Operating expenses for fiscal Q2 2026 were $10.7 million, primarily due to stock-based compensation and professional fees. The company's accumulated deficit was $1.5 billion as of June 30, 2026. While it plans to launch Bitcoin-centric financial services and generate revenue from Bitcoin management and educational content, the timing remains dependent on market demand.
3. A leadership change and strategic pivot created uncertainty, including the abandonment of a key acquisition. Effective July 20, 2026, Jack Mallers resigned as CEO, and Raphael Zagury was appointed as his successor. The new CEO has outlined a strategic vision to evolve the company beyond a simple Bitcoin treasury, focusing on building or acquiring operating businesses and expanding into M&A, capital markets, and Bitcoin-backed lending. This shift followed the company's disclosure in July 2026 that it was no longer pursuing the acquisition of Strike, which had been previously announced.
4. Twenty One Capital carries substantial convertible debt secured by a portion of its Bitcoin assets. The company has $484.5 million in 1.00% convertible senior notes due 2030, which are secured by approximately 16,116 Bitcoin. These notes represent a significant liability and mean a portion of the company's primary asset, Bitcoin, is pledged as collateral.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -27.3% change in XXI stock from 5/31/2026 to 9/16/2026 was primarily driven by a 15.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312026 | 9162026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.32 | 5.32 | -27.3% |
| 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 9/16/2026| Return | Correlation | |
|---|---|---|
| XXI | -27.3% | |
| Market (SPY) | -0.3% | 38.5% |
| Sector (XLY) | -8.8% | 38.3% |
Fundamental Drivers
The -7.3% change in XXI stock from 2/28/2026 to 9/16/2026 was primarily driven by a -40.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 9162026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.74 | 5.32 | -7.3% |
| Change Contribution By: | |||
| Total Revenues ($ 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 9/16/2026| Return | Correlation | |
|---|---|---|
| XXI | -7.3% | |
| Market (SPY) | 10.2% | 44.9% |
| Sector (XLY) | -5.5% | 42.3% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 9/16/2026| Return | Correlation | |
|---|---|---|
| XXI | ||
| Market (SPY) | 17.9% | 46.4% |
| Sector (XLY) | -4.4% | 38.1% |
Fundamental Drivers
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Market Drivers
8/31/2023 to 9/16/2026| Return | Correlation | |
|---|---|---|
| XXI | ||
| Market (SPY) | 73.4% | 46.4% |
| Sector (XLY) | 32.0% | 38.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| XXI Return | - | - | - | - | -23% | -39% | -53% |
| Peers Return | 43% | -78% | 347% | 106% | 25% | 8% | 296% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| XXI Win Rate | - | - | - | - | 0% | 33% | |
| Peers Win Rate | 45% | 35% | 65% | 48% | 57% | 49% | |
| 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 9/16/2026 (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
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
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 | -21.0% | 84.8% | 71.2% | LINC 295% · PRDO 236% · CVSA 221% |
| Homebuilding | 18 | -12.6% | 24.5% | 46.5% | GRBK 187% · PHM 153% · MHO 124% |
| Specialty Stores | 7 | 10.0% | 40.9% | 4.5% | SIG 35% · FIVE 24% · ASO 19% |
| Home Improvement Retail | 5 | -26.8% | -6.3% | 2.3% | HVT 13% · LOW 2% · HD 2% |
| Hotels, Resorts & Cruise Lines | 22 | 11.4% | 44.1% | 1.9% | RCL 210% · MAR 143% · HLT 136% |
| Automotive Retail | 18 | -15.4% | 1.5% | 1.7% | MUSA 216% · PAG 150% · ORLY 109% |
| Distributors | 4 | -13.5% | -26.3% | -12.2% | ARMK 163% · GPC 24% · LKQ -48% |
| Home Furnishings | 4 | -7.6% | 18.9% | -13.8% | SGI 42% · LZB 2% · MHK -30% |
| Restaurants | 35 | -14.3% | -19.0% | -18.5% | EAT 320% · CAKE 142% · BH-A 134% |
| Specialized Consumer Services | 10 | -16.7% | 25.4% | -18.6% | HRB 113% · FTDR 77% · SCI 42% |
| Footwear | 9 | 48.9% | 39.7% | -25.6% | WEYS 158% · SHOO 17% · DECK 8% |
| Leisure Products | 13 | -27.3% | -22.1% | -35.7% | GOLF 75% · HAS 12% · BC -22% |
| Apparel, Accessories & Luxury Goods | 27 | -11.4% | 2.8% | -37.5% | TPR 232% · RL 231% · ELA 207% |
| Automotive Parts & Equipment | 38 | -14.4% | -16.3% | -39.6% | MOD 1512% · GTX 306% · CAAS 81% |
| Casinos & Gaming | 20 | -7.4% | -24.8% | -39.7% | MCRI 109% · RRR 42% · RSI 35% |
| Leisure Facilities | 11 | -4.5% | -5.6% | -40.6% | OSW 122% · JAKK 111% · ESCA 27% |
| Apparel Retail | 25 | -12.3% | 7.5% | -41.9% | ANF 275% · URBN 137% · ROST 107% |
| Household Appliances | 18 | -5.9% | 12.4% | -42.9% | KEQU 168% · FLXS 151% · HBB 121% |
| Computer & Electronics Retail | 3 | -16.6% | 20.6% | -57.1% | BBY 4% · GME -57% · UPBD -62% |
| Broadline Retail | 15 | -18.3% | 12.0% | -57.7% | DDS 317% · EBAY 61% · AMZN 42% |
| Automobile Manufacturers | 8 | -77.5% | -50.1% | -72.9% | GM 71% · TSLA 41% · F 34% |
| Consumer Electronics | 11 | -17.9% | -17.5% | -78.1% | AXIL 2477% · GRMN 83% · SONO -58% |
| Other Specialty Retail | 18 | -36.6% | -51.7% | -79.1% | TLF 111% · BBW 78% · WINA 61% |
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 |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 62.39 |
| Mkt Cap | 25.2 |
| 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 | -53.6% | 72.2% | -1.09 | - |
| Sector ETF (XLY) | -8.0% | 19.4% | -0.55 | 38.1% |
| Equity (SPY) | 15.1% | 12.8% | 0.82 | 46.4% |
| Gold (GLD) | 15.7% | 29.3% | 0.50 | 25.3% |
| Commodities (DBC) | 47.3% | 20.7% | 1.76 | -3.9% |
| Real Estate (VNQ) | 4.8% | 13.5% | 0.10 | 21.0% |
| Bitcoin (BTCUSD) | -34.6% | 43.9% | -0.84 | 73.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XXI | |
|---|---|---|---|---|
| XXI | -14.2% | 72.2% | -1.09 | - |
| Sector ETF (XLY) | 4.5% | 24.1% | 0.15 | 38.1% |
| Equity (SPY) | 12.3% | 17.2% | 0.54 | 46.4% |
| Gold (GLD) | 18.6% | 18.8% | 0.80 | 25.3% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | -3.9% |
| Real Estate (VNQ) | 0.5% | 18.9% | -0.08 | 21.0% |
| Bitcoin (BTCUSD) | 10.4% | 52.5% | 0.38 | 73.1% |
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 | -7.4% | 72.2% | -1.09 | - |
| Sector ETF (XLY) | 11.7% | 22.2% | 0.48 | 38.1% |
| Equity (SPY) | 15.0% | 18.0% | 0.71 | 46.4% |
| Gold (GLD) | 11.8% | 16.3% | 0.59 | 25.3% |
| Commodities (DBC) | 8.6% | 18.1% | 0.39 | -3.9% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 21.0% |
| Bitcoin (BTCUSD) | 62.0% | 66.1% | 1.02 | 73.1% |
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 17, 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: 9/16/2026