Twenty One's first-day slide highlights investor caution toward BTC-backed stocks

"Twenty One Capital's NYSE debut saw a nearly 20% drop, signaling cautious investor sentiment toward Bitcoin-heavy public listings. XXI traded close to its net asset value, suggesting the market did not assign a meaningful premium beyond the value of the firm's Bitcoin holdings. The decline reflected broader market pressures, including Bitcoin volatility, fading enthusiasm for SPAC-backed listings and weakening mNAV premiums. The muted reaction suggests investors may now expect Bitcoin-focused firms to show clear, durable revenue models rather than relying primarily on large BTC holdings."

"Twenty One Capital is an institutionally backed, Bitcoin-native public company with the stated ambition of becoming the largest publicly traded holder of Bitcoin ( BTC). The firm went public via a special-purpose acquisition company (SPAC) transaction with Cantor Equity Partners and began trading under the ticker XXI. At launch, the company reported a treasury of over 43,500 BTC, valued at roughly $3.9 billion-$4.0 billion, placing it among the largest corporate Bitcoin holders."

Twenty One Capital launched on the New York Stock Exchange as XXI and fell nearly 20% on its first trading day. The company reported a treasury of over 43,500 BTC, valued around $3.9–4.0 billion, making it one of the largest corporate Bitcoin holders. The firm went public via a SPAC with Cantor Equity Partners and positions Bitcoin at the center of its corporate strategy. Shares traded close to net asset value with little premium, reflecting Bitcoin volatility, fading SPAC enthusiasm and weakening mNAV premiums. Investors appear to prefer Bitcoin firms with demonstrable, durable revenue models rather than pure treasury plays.

Read at Cointelegraph