Twenty One Capital, Inc. · NYSE:XXI
Twenty One Capital — Bitcoin 2026 Conference
44 slides from Twenty One Capital's conference presentation, Apr 30, 2026
Slide 1: The Bitcoin Company
THE BITCOIN COMPANY
Slide 2: Twenty One Strike
TWENTY ONE STRIKE
Slide 3: Strike
STRIKE
Slide 4: The Global Bitcoin Bank
THE GLOBAL BITCOIN BANK * *not an actual bank yet
Slide 5: Bitcoin Line, Bill Pay, Buy & Sell, Bitcoin-Backed Loans
BITCOIN LINE BILL PAY BUY & SELL BITCOIN BITCOIN-BACKED LOANS OF CREDIT cou STRIKE DIRECT DEPOSIT FREE ON-CHAIN SENDS
Slide 6: Every never-sell hodler will need liquidity someday
«6 WE HOPE OUR MONEY KEEPS ITS VALUE LONG ENOUGH FOR US TO TRADE IT IN THE FUTURE FOR SOMETHING WE ACTUALLY WANT — AN EDUCATION, A DREAM HOUSE, AWEDDING, A BUCKET-LIST TRIP. EVERY ‘NEVER SELL HODLER WILL NEED LIQUIDITY SOMEDAY. THIS IS THE ENTIRE POINT OF HAVING MONEY IN THE FIRST PLACE.
Slide 7: Bitcoin-Backed Loan Order Book
BITCOIN-BACKED LOAN ORDER BOOK SINCE LAUNCH. NO MARKETING. NO ADS. JUST DEMAND.
Slide 8: Slide 8
Slide 9: Lower Lending Rates
LOWER LENDING RATES Strike is a financial technology company, not a bank. Depending on the state, loans are issued by Zap Solutions Capital, Inc., dba Strike Lending, or by Column N.A., Member FDIC. Loan approval and terms are subject to eligibility and collateral requirements. Loan terms vary by st
Slide 10: Strike
STRIKE
Slide 11: Slide 11
Slide 12: Segregated Address Collateral
SEGREGATED ADDRESS COLLATERAL
Slide 13: Segregated address BTC collateral
51.37 BTC 62.02 BTC 74.9 BTC beigxy...hxOwlh beigxy...hxOwlh = —s—Ssé eV. «sm OQ 85.1 BTC 111.3 BTC 10,000 BTC beiqva.. .hyOwga beiqva...hyOwa ss ss—<—s—‘—s™sSCSCSCSSC# xy. HXOWL
Slide 14: VOL
VOL
Slide 15: Volatility Proof Loans
VOLATILITY PROOF LOANS private@strike.me
Slide 16: Credit Facility $2,100,000,000
CREDIT rn FACILITY $2,100,000,000
Slide 17: What We Shipped: Lending
VOLATILITY PROOF LOANS CREDIT FACILITY SEGREGATED ADDRESS $518 Simon Thay —_e WHAT WE LOWER LENDING RATES SH | PPED LENDING LENDING PROOF OF RESERVES
Slide 18: Twenty One Strike
TWENTY ONE STRIKE
Slide 19: Twenty One
TWENTY ONE
Slide 20: Tether Investments proposals for XXI: Strike and Elektron mergers
29 April 2026 - Tether Investments, S.A. de C.V. (“Tether Investments”), today announced its proposals for the next phase of Twenty-One Capital’s (XXI) journey through a series of proposed transactions aimed at strengthening XXI’s structure, capital allocation, and long-term trajectory. As part of t
Slide 21: Strike overview
Strike is a global Bitcoin financial services company that enables individuals and businesses to buy, sell, hold, transact, and borrow against Bitcoin. Founded by Jack Mallers, Strike is profitable, trusted, and one of the most well-known brands in Bitcoin. Strike is available in 100+ countries, foc
Slide 22: Elektron overview
Elektron, led by Raphael Zagury, is one of the world’s largest private Bitcoin mining operators, managing approximately 50 EH/s across its platform, representing roughly 5% of the current Bitcoin network. Elektron has built a profitable, cash-flow-positive platform around low-cost management, discip
Slide 23: What Is the Ideal Bitcoin Company?
WHAT IS THE IDEAL BITCOIN COMPANY?
Slide 24: High Operating Income vs Conviction
HIGH OPERATING INCOME LOW CONVICTION HIGH CONVICTION LOW OPERATING INCOME
Slide 25: Crypto Exchanges positioning
HIGH OPERATING INCOME CRYPTO EXCHANGES LOW CONVICTION HIGH CONVICTION LOW OPERATING INCOME
Slide 26: Coinbase trading volume and custody
COINBASE PROCESSED $5T+ IN CRYPTO TRADING VOLUME IN A YEAR & CUSTODIES 12% OF ALL CRYPTO IN EXISTENCE ~$10B+ ~$1B CASH & CASH EQUIVALENTS BITCOIN
Slide 27: Robinhood customer losses
( James Chanos @ @ReaUimChanos It looks like SHOOD customers lost almost 5% in February. Total Platform Assets dropped $10.2B in the month to $314.2B, but that includes $5.68 in net deposits. So the implied loss of $15.8B was 4.9% of end-of- January Total Platform Assets of $324.4B. The S&P 500 was
Slide 28: Bitcoin Treasury Companies positioning
HIGH OPERATING INCOME CRYPTO EXCHANGES LOW CONVICTION, <= HIGH CONVICTION BITCOIN TREASURY COMPANIES LOW OPERATING INCOME
Slide 29: Top Public Bitcoin Treasury Companies
Top 100 Public Bitcoin Treasury Companies oO OINAHARWNHPR b ° BITCOINTREASURIES! Strategy Twenty One Capital Metaplanet Inc. MARA Holdings, Inc. Bitcoin Standard Treasury Company Bullish Riot Platforms, Inc. Coinbase Global, Inc. Strive Hut 8 Mining Corp & Share Ticker MSTR XXI MPIPY MARA CEPO BLSH
Slide 30: Positioning matrix
HIGH OPERATING INCOME i CRYPTO EXCHANGES — HIGH CONVICTION LOW CONVICTION BITCOIN © TREASURY | COMPANIES LOW OPERATING INCOME
Slide 31: What Is the Ideal Bitcoin Company?
WHAT IS THE IDEAL BITCOIN COMPANY?
Slide 32: Twenty One: The Bitcoin Company
TWENTY ONE THE BITCOIN COMPANY
Slide 33: Financial Services
TWENTY ONE THE BITCOIN COMPANY FINANCIAL SERVICES Any Bitcoin financial product. distributed globally. 1
Slide 34: Financial Services & Distribution
01 / The vision: Every financial product the Bitcoin economy needs, distributed globally, under one roof. FINANCIAL SERVICES & DISTRIBUTION Brokerage (acquire) Custody (hold) Lending & Credit (borrow) Payments & Rails (spend) Treasury Services Prime Services Banking Services Structured Products Subj
Slide 35: Bitcoin Infrastructure
TWENTY ONE THE BITCOIN COMPANY FINANCIAL SERVICES Any Bitcoin financial product. distributed globally. 1 2 Industrial - scale Bitcoin production at the lowest cost. BITCOIN INFRASTRUCTURE Subject to local regulations.
Slide 36: Bitcoin Infrastructure vision
02 / The vision: The physical layer of the Bitcoin economy. Industrial scale, lowest cost, vertically integrated from energy to coin. We don't just buy Bitcoin. We produce it. BITCOIN INFRASTRUCTURE Energy procurement Power Generation Grid Services Heat reuse Hashrate / Mining Fleet / Hardware Hosti
Slide 37: Capital Markets
TWENTY ONE THE BITCOIN COMPANY FINANCIAL SERVICES Any Bitcoin financial product. distributed globally. 1 2 CAPITAL MARKETS 3 Industrial - scale Bitcoin production at the lowest cost. Treasury growth with cash flow and non - dilutive leverage. BITCOIN INFRASTRUCTURE Subject to local regulations.
Slide 38: Capital Markets vision
03 / The vision: The financing engine of the Bitcoin economy. We issue against the treasury, originate against the network, and securitize the cash flows the rest of the market can't. CAPITAL MARKETS Loan book securitization Mining revenue securitization Structured products Fixed income & bonds Bitc
Slide 39: Mergers & Acquisitions
TWENTY ONE THE BITCOIN COMPANY FINANCIAL SERVICES Any Bitcoin financial product. distributed globally. 1 2 CAPITAL MARKETS 3 MERGERS & ACQUISITIONS 4 Industrial - scale Bitcoin production at the lowest cost. Treasury growth with cash flow and non - dilutive leverage. Acquire accretive Bitcoin assets
Slide 40: Mergers & Acquisitions vision
04 / The vision: Acquire profitable Bitcoin businesses and strategic Bitcoin assets. Compound their cash flows into Bitcoin. Every dollar of operating income has one job: buy more Bitcoin. MERGERS & ACQUISITIONS Bitcoin financial services Mining & energy Bitcoin - native software Payments & merchant
Slide 41: Four pillars of The Bitcoin Company
TWENTY ONE THE BITCOIN COMPANY FINANCIAL SERVICES Every Bitcoin financial product, distributed globally. 1 2 CAPITAL MARKETS 3 MERGERS & ACQUISITIONS 4 Industrial - scale Bitcoin production at the lowest cost. Treasury growth with cash flow and non - dilutive leverage. Acquire profitable Bitcoin bus
Slide 42: XXI positioning matrix
HIGH OPERATING INCOME CRYPTO XXI ®@ EXCHANGES e LOW CONVICTION, <= HIGH CONVICTION e BITCOIN TREASURY COMPANIES LOW OPERATING INCOME
Slide 43: No man should work for what another man can print
NO MAN SHOULD WORK FOR WHAT ANOTHER MAN CAN PRINT
Slide 44: Fix the money, fix the world
FIX THE MONEY, FIX THE WORLD