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Twenty One Capital's $1.09 billion profit came from bitcoin, CEO says

Twenty One Capital, a Tether-backed firm, reported about $1.09 billion in third-quarter net income. Its chief executive said the gain came from bitcoin rather than the firm's business.

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Rapha Zagury, the company's chief executive, told shareholders that the quarter's net income came from a fair-value gain on the firm's 43,514 BTC. Fair value means the holdings are recorded at their current market price, so a rise in bitcoin's price lifts the reported profit on paper.

The firm's quarterly filing with the US Securities and Exchange Commission shows a loss of $186.5 million for the first nine months of the year. The filing also shows no binding deal yet for Elektron.

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