Bitcoin treasury XXI shares sink 20% in NYSE debut despite rising BTC price
The Block
Twenty One Capital (XXI) shares dropped nearly 20% in their NYSE debut, despite Bitcoin's price increasing.Summary
Twenty One Capital, the Tether-backed bitcoin treasury venture led by Jack Mallers, saw its shares (ticker XXI) fall sharply on its first day of trading on the NYSE, closing about 20% below the SPAC merger price, even as Bitcoin climbed roughly 3%. The company, which merged with a Cantor Fitzgerald-backed SPAC, now holds 43,514 BTC, making it the third-largest public corporate holder. Mallers emphasized that unlike pure treasury plays, Twenty One aims to build revenue-generating Bitcoin-only businesses in brokerage, credit, and lending, positioning itself at the intersection of Bitcoin accumulation and industry product development.
(Source：The Block)