Twenty One Capital slides 25% in NYSE debut

Twenty One Capital began trading on the New York Stock Exchange under the ticker XXI and fell 25% early in its first day, trading at about $10.50.

The New York listing follows the completion of the company's merger with Cantor Equity Partners.

The Bitcoin-native firm enters public markets with 43,514 BTC and says it aims to become the largest publicly traded holder of the asset.

It plans to pair a treasury strategy with Bitcoin-centric operating businesses and financial products.

Trading debut and price action

Twenty One (XXI) fell 25% early in its first session to about $10.50, a level that effectively places the stock near its PIPE pricing of $10, according to details of the deal with Cantor Equity Partners.

The drop continues a pattern for recent bitcoin treasury vehicles. ProCap BTC (BRR), which completed a SPAC deal last week, has plunged more than 60% to about $3.75.

KindlyMD (NAKA), another US-listed Bitcoin treasury company funded through a PIPE, now trades at $0.43 and is down 99% from its all-time high.

Bitcoin holdings and strategy

Twenty One Capital holds 43,514 bitcoin, which the company values at roughly $3.9 billion, making it the world’s third-largest public corporate holder after Michael Saylor’s Strategy and MARA Holdings.

CEO Jack Mallers said, “Bitcoin is honest money. That’s why people choose it, and that’s why we built Twenty One on top of it.”

He added that listing on the NYSE is about “giving Bitcoin the place it deserves in global markets and giving investors the best of Bitcoin.”

The firm says it will pursue capital-efficient Bitcoin accumulation alongside Bitcoin ecosystem services supported by on-chain proof of reserves.

It also plans a “corporate architecture” for financial products built with and on bitcoin, including native lending models and capital market instruments.

Backers and institutional angle

Twenty One was launched as a Bitcoin-focused company backed by an affiliate of Cantor Fitzgerald LP, Tether Holdings and SoftBank Group. B

Brandon Lutnick — chairman of Cantor Fitzgerald and son of US Commerce Secretary Howard Lutnick — leads Cantor Equity Partners.

The company holds roughly $3.9 billion in Bitcoin, an amount that already exceeds its current valuation.

Beyond accumulating Bitcoin, Twenty One plans to develop financial infrastructure for the cryptocurrency and produce media and educational content aimed at expanding adoption.

Under the company’s structure, Tether and Bitfinex will hold a majority stake, with SoftBank taking a substantial minority position.

On Monday, the company transferred its entire BTC stash to a new wallet, according to Arkham Intelligence, potentially in preparation for the stock market debut.