Twenty One (XXI) fell 25% early in its first day of trading following the completion of its SPAC merger with Cantor Equity Partners (CEP). The stock currently trades near $10.50, effectively placing the bitcoin-native firm close to its PIPE pricing of $10.

Entering the market with the third-largest corporate bitcoin treasury, holding 43,514 BTC, XXI is backed by Tether, Bitfinex, and Strike CEO Jack Mallers, who also serves as the company’s CEO. The firm’s strategy centers on capital-efficient bitcoin accumulation and providing bitcoin ecosystem services, supported by on-chain proof of reserves.

XXI’s early decline mirrors broader trends among this year’s crop of bitcoin treasury companies. Last week, Anthony Pompliano’s ProCap BTC (BRR) completed its SPAC merger but has fallen more than 60% since debut, now trading near $3.75, reflecting challenges in the PIPE pricing model.

The most prominent U.S.-listed bitcoin treasury company to utilize a PIPE, KindlyMD (NAKA), has seen an even more dramatic drop, down 99% from its all-time high to $0.43.

Bitcoin itself remained largely flat over the past 24 hours, trading around $90,900.