Bitcoin firm Twenty One Capital drops 20% on first day of trading
Bitcoin treasury firm Twenty One Capital saw its stock drop nearly 20% on its trading debut after merging with a SPAC.Summary
Shares in the newly public Bitcoin treasury company, Twenty One Capital (XXI), fell approximately 20% on its first day of trading after merging with the blank-check company Cantor Equity Partners. The stock opened at $10.74, significantly below Cantor's previous closing price, and ended Wednesday down 19.97% at $11.42, though it saw a slight recovery after hours. Twenty One Capital, backed by major entities like Tether and Bitfinex, holds over 43,500 Bitcoin, valued at over $4 billion. Despite its large Bitcoin holdings, CEO Jack Mallers stated the company is "not a treasury company" and is actively building an operating business with plans to launch products in brokerage, exchange, credit, and lending to generate cash flow, aiming to focus solely on delivering shareholder value through Bitcoin.
(Source：Cointelegraph)