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2d ago

Twenty One Capital Falls 20% in NYSE Debut Despite $4 Billion Bitcoin Treasury

Investors marked down the SPAC-born stock over concerns about revenue visibility in Bitcoin treasury models.

SoftBank-backed Twenty One to begin trading on NYSE today with over 43,500 Bitcoin
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Bitcoin treasury company twenty one drops 25% in nyse debut, trades near pipe pricing of $10
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Overview

  • Shares closed near $11.42 on day one, roughly 20–25% below the SPAC’s pre-merger close around $14.27 and trading close to the $10 PIPE reference.
  • Twenty One began trading as XXI after merging with Cantor Equity Partners and reported 43,514 BTC with a commitment to public on-chain proof of reserves.
  • A roughly 43,000–43,500 BTC on-chain transfer moved funds from escrow into company custody before listing, a shift CEO Jack Mallers confirmed.
  • Tether and Bitfinex hold a majority stake with SoftBank as a minority investor, and the financing included about $486.5 million in converts and $365 million in PIPE commitments.
  • Management says it will keep acquiring Bitcoin and pursue lending and capital-markets businesses, while analysts frame the weak debut as part of a sector-wide re-pricing of digital-asset treasuries.