Bitcoin Treasury Company Twenty One Drops 25% in NYSE Debut, Trades Near PIPE Pricing of $10
Twenty One (XXI), a bitcoin treasury company backed by Tether, Bitfinex, and Strike CEO Jack Mallers, who also serves as CEO, debuted on the NYSE on December 9, 2025, following a SPAC merger with Cantor Equity Partners. On its first day, the stock fell about 25%, trading near its PIPE pricing around $10, approximately $10.50.
XXI holds 43,514 BTC in its corporate treasury and follows a strategy focused on capital-efficient bitcoin accumulation and on-chain proof of reserves.
Bitcoin traded near $90,900 during this period, with some headlines citing $94,000 ahead of an expected Federal Reserve rate cut, though the body of the report indicated a value closer to $90,900.
The decline in XXI's stock price reflects a broader negative trend among bitcoin-treasury SPAC vehicles this year. For example, ProCap BTC (BRR) has dropped over 60% since its SPAC deal and trades around $3.75, while KindyMD (NAKA), another PIPE-funded bitcoin treasury vehicle, trades near $0.43, down about 99% from its all-time high.
The report notes persistent pressure on PIPE pricing methodologies as a contributing factor to the ongoing declines in this sector. This article was published on December 9, 2025, at 3:30 p.m. ET and updated at 3:42 p.m., authored by James Van Straten and edited by Stephen Alpher.
