Twenty One debuts with a price drop on its first day, Bitcoin Treasury faces "broader re-pricing"

On December 10th, Bitcoin treasury company Twenty One Capital (NYSE: XXI) officially listed on the New York Stock Exchange after completing its merger with Cantor Equity Partners. The company entered the market with a massive balance sheet containing over 43,000 bitcoins (a market value of nearly $4 billion), quickly becoming one of the largest publicly listed bitcoin holding companies in the world. However, XXI’s first day performance was under pressure, with the stock price remaining around $11 throughout the day, significantly below the final closing price of approximately $14 for Cantor Equity Partners before the merger. This year, several companies listed with Bitcoin Treasury as their core asset have experienced similar trends: amid a high bitcoin price correction and narrowing sector premium, newly listed companies generally opened below their valuation ranges. Twenty One Capital received small investments from Tether, CEX, and SoftBank. Management stated that the company’s future focus will be on building financial infrastructure and educational products around bitcoin. However, these businesses are still in the early stages, and the market is evaluating whether the company can successfully transition from an “asset-liability driven company” to a “business with a clear operational model.”