Bitcoin-Focused Treasury Firm Twenty One Falls 25% in NYSE Debut, Nears $10 PIPE Price

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.

  • Related Posts

    Binance expands its platform with a prediction market offering for millions of users.

    Binance has added a prediction markets feature to its Binance Wallet, enabling users to trade on real-world event outcomes directly within the app. The integration links Binance Wallet to Predict.fun,…

    Continue reading
    Bhutan has reportedly divested 70% of its Bitcoin over the past 18 months and may have paused or ended BTC mining.

    Bhutan is steadily exiting one of the most closely watched sovereign bitcoin strategies, continuing a measured reduction in its holdings. The kingdom’s reserves have declined from roughly 13,000 BTC in…

    Continue reading