Twenty One Capital Moves 43,500 Bitcoin Ahead of NYSE Debut
Twenty One’s NYSE debut under ticker XXI followed its SPAC merger, a 25% first-day drop to near PIPE pricing, and entry as the third largest corporate Bitcoin holder.
Twenty One (XXI) began trading on the NYSE after completing its SPAC merger with Cantor Equity Partners, falling 25% on its first day to about $10.50 per share, close to its $10 PIPE price. The Bitcoin-native firm enters the market with 43,514 BTC, ranking third among corporate Bitcoin treasuries. Backed by Tether, Bitfinex, and CEO Jack Mallers, XXI focuses on capital-efficient Bitcoin accumulation and ecosystem services supported by onchain proof of reserves. Its market debut follows steep declines for other 2025 PIPE-funded Bitcoin treasury companies, including ProCap BTC (down over 60%) and KindlyMD (down 99%). Bitcoin is trading at $90,900, little changed over 24 hours.
- Bitcoin treasury company: A publicly traded firm that holds large amounts of Bitcoin as part of its corporate reserves.
- Proof-of-reserves: An auditing method used to verify that an institution holds the cryptocurrency assets it claims.
- PIPE pricing: Short for Private Investment in Public Equity pricing, referring to shares sold to investors at a set price during a PIPE deal.