Third-largest Bitcoin treasury firm, Twenty One Capital, debuted on the NYSE under the ticker XXI, with its stock price dropping under the pre-merger price.
On December 9, Bitcoin BTC $90 026 24h volatility: 2.2% Market cap: $1.80 T Vol. 24h: $55.25 B Treasury firm Twenty One Capital made its debut on the New York Stock Exchange (NYSE), and is trading under the ticker XXI.
This latest public listing comes following its merger with Cantor Equity Partners. Following this merger, the company had a stash of a massive 43,514 BTC, worth over $4 billion.
This makes it the third-largest BTC holder after Michael Saylor’s Strategy (MSTR) and Bitcoin Miner MARA Holdings Inc.
Despite the strong balance-sheet positioning, XXI’s market debut saw heavy selling pressure. Shares traded around $11 throughout the session, significantly below Cantor Equity Partners’ final pre-merger closing price of approximately $14.
Bitcoin Treasury Firm Makes Poor NYSE Debut
The poor NYSE debut of Twenty One Capital (XXI) is in line with the trend seen across other Bitcoin-treasury-backed listings this year.
Most of the new issuers have frequently opened below their pre-merger reference prices amid a softer Bitcoin market and narrowing premiums across the sector.
Twenty One Capital enters public markets with backing from Tether, Bitfinex, and a minority investment from SoftBank. The management has also announced plans to develop financial infrastructure and education products centered on Bitcoin. However, they are still in the early stages of development.
Investors are now paying close attention to whether companies with large Bitcoin holdings are operationally strong and have clear growth drivers. Balance-sheet-heavy profiles are being scrutinized more carefully, especially when tied to crypto exposure.
As a result, firms with leveraged Bitcoin bets that also need to show steady revenue are facing challenges on Wall Street. Even the largest Bitcoin treasury holder, Strategy, has seen its stock price drop more than 51% over the past six months.
Taking a Different Approach From Strategy (MSTR)
During his interview with CNBC on December 9, after the NYSE debut, Twenty One Capital rejected comparisons between his firm and other pure BTC treasury companies like Strategy (MSTR).
He added that in addition to buying and holding Bitcoins, Twenty One Capital plans to launch products along with other “utility services” associated with BTC.
“We look at a Coinbase and don’t think they’re a Bitcoin business. They’re a crypto business. We look at Strategy that’s focused on Bitcoin but doesn’t have products or cash flow in the industry. We want to live in the intersection of that,” said Mallers.
Digital asset treasury (DAT) firms have been finding it increasingly difficult to raise fresh capital in the recent macro setup. “We are in an environment now where DATs need to show material differentiation to warrant the mNAV multiples they were trading at earlier in 2025,” said John Todaro, senior research analyst at Needham, to Reuters.
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