Twenty One Capital began trading on the New York Stock Exchange as XXI on Tuesday after completing its merger with Cantor Equity Partners, entering the market with more than 43,000 BTC worth almost $4 billion already on its balance sheet, primed in a position among the world’s largest public corporate holders of the asset.
Yet its trading debut was met with sharp selling, with XXI shares spending the session at roughly $11, putting it well below Cantor Equity Partners’ final pre-merger close near $14.
Debut trading for XXI aligned with patterns seen across other Bitcoin treasury listings this year, where new entrants have often priced below their pre-merger benchmarks as Bitcoin remains off its highs and premiums in the segment continue to narrow.
The company enters the market backed by Tether, Bitfinex, and a minority investment from SoftBank, with management outlining plans to build financial infrastructure and education products around Bitcoin.
Those efforts remain at an early stage, and investors have been weighing how quickly Twenty One can move from a balance sheet-driven profile to one supported by clear business operations.
DAT firms face “broader re-pricing”
The slide is “part of a larger pattern” in which investors “have grown cautious toward Bitcoin treasury companies and SPAC listings” because of their “tendency to behave like leveraged BTC bets that don’t have proven revenue,” Shawn Young, chief analyst at MEXC Research, told Decrypt.
“Investors now strategically look closely for clearer business models, cleaner governance, and real revenue plans,” he added.
XXI’s debut arrives as a “risk-off climate” continues, with the market “no longer prioritizing these firms the premium like it once did,” Young said.
“The drop isn’t exclusive to Twenty One as it reflects a broader re-pricing of companies that have a ‘we hold a lot of Bitcoin’ approach instead of ‘we generate predictable cash flow’,” he noted.
The stock might remain the same and trade “heavily in line with BTC, at least until the company proves it can build real, sustainable revenue on top of that asset base,” Young said.
The same happened with other SPAC listings, where markets appeared to have “overgrown the phase where a firm could raise capital, buy Bitcoin, and expect its equity to trade above the value of those holdings,” John Murillo, chief business officer at B2BROKER, told Decrypt.
Citing ProCap Financial’s (BRR) similar but “even more brutal” drop at roughly 50-60% this week, Murillo noted how discounts “are becoming the norm.”
“Investors are increasingly unwilling to pay NAV premiums for pure balance-sheet Bitcoin exposure,” Pei Chen, COO and executive director at AI liquidity engine Theoriq, told Decrypt.
This comes as “Bitcoin volatility compresses risk appetite,” with other treasury plays struggling to outperform spot, he explained.
While its sizable holdings and high-profile backing give it “more scale and optionality than most peers,” the long-term upside “won’t come from stack size alone,” Chen said.
“It will hinge on credible execution, transparent governance, and proving it can build durable, revenue-generating businesses on top of its Bitcoin reserve,” he opined.
Other observers say it’s a matter of how effectively the company can use its holdings to build an actual business around them, noting that a large Bitcoin stash alone does not ensure long-term performance.
“What matters is whether they can turn that treasury into real business activity — yield, liquidity, partnerships, or products that generate revenue outside of pure BTC exposure,” Kanny Lee, co-founder and CEO of secondary markets trading protocol SecondSwap, told Decrypt.
Twenty One’s long-term outlook could improve if it builds “real operating fundamentals on top of the treasury,” Lee said. “If not, the stock will likely continue to trade like a leveraged proxy for Bitcoin, and the market already has cleaner ways to get that exposure.”
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