Twenty One Capital’s NYSE Debut Disappoints Amid Heavy Selling Pressure

Twenty One Capital debuted on the NYSE under the ticker XXI following a merger with Cantor Equity Partners, holding 43,514 BTC valued over $4 billion.
XXI is now the third-largest BTC holder after Strategy (MSTR) and MARA Holdings Inc.
The NYSE debut was underwhelming, with shares trading at around $11, below the pre-merger price of approximately $14.
Backed by Tether, Bitfinex, and SoftBank, Twenty One Capital plans to develop Bitcoin-focused financial infrastructure and educational products.
Investors are scrutinizing firms with large BTC holdings for operational strength and clear growth drivers amid market volatility.
XXI differentiates itself by planning to offer utility services alongside BTC holdings, unlike pure treasury companies like Strategy (MSTR).
Digital asset treasury firms face challenges in raising capital due to the need for material differentiation in the current macroeconomic environment.