The Tether-backed bitcoin treasury company disclosed its third-quarter results in an SEC filing, with net income of $1.087 billion coming almost entirely from $1.093 billion in fair-value gains on its bitcoin.

Twenty One Capital held 43,514 BTC as of Sept. 30, plus $102.8 million in cash. About 16,116 BTC collateralize $486.5 million in convertible notes.

Operations remain small: the quarter showed a $4.8 million operating loss, and the nine-month result is still a $186.5 million net loss after bitcoin's decline. CEO Rapha Zagury said the firm is evaluating bitcoin mining, lending, treasury and energy businesses, and would consider buybacks if shares trade below the value of its assets.

The company launched in April last year with backing from Tether, Bitfinex and SoftBank. Tether bought out SoftBank's stake in May, and XXI shares fell 19.5% over the past month versus a 16.1% drop in bitcoin.