THE BLOCK: Twenty One Capital XXI reported third-quarter net income of $1.087 billion, driven by a $1.093 billion fair-value gain on its bitcoin holdings, according to its shareholder letter. As of Sept. 30, the company held 43,514 bitcoin:native and $102.8 million in cash and cash equivalents. It had $486.5 million in outstanding convertible-note principal secured by about 16,116 BTC.