Twenty One Capital Drops in NYSE Debut Amid Bitcoin Treasury Firms' Broader Repricing
Twenty One Capital began trading on the New York Stock Exchange as XXI following its merger with Cantor Equity Partners. The company holds more than 43,000 BTC, valued at approximately $4 billion, on its balance sheet. XXI debuted around $11 per share, notably below Cantor Equity Partners’ pre-merger closing price near $14.
Supported by investors including Tether, Bitfinex, and a minority stake from SoftBank, management aims to develop financial infrastructure and educational products centered on Bitcoin. Their strategic goal is to transition from mere balance-sheet exposure toward revenue-generating activities.
Analysts observe that investors are increasingly demanding clearer business models, stronger governance, and explicit revenue plans. This shift arrives in a market environment moving toward risk-off sentiment, causing premiums for Bitcoin treasury listings to narrow. The price decline of XXI is viewed as part of a wider re-pricing trend among SPACs holding significant Bitcoin reserves, where net asset value premiums for pure BTC exposure are diminishing, and stocks may begin trading more like leveraged Bitcoin bets.
The long-term prospects for Twenty One Capital depend on credible execution, transparent governance, and the ability to generate durable revenue on top of its Bitcoin reserve. Without these factors, the stock may continue to trade as a proxy for Bitcoin itself.
