Opinion: Twenty One Capital Falls on First Trading Day, Bitcoin Vault Companies Face "Broader Repricing"

Odaily News Twenty One Capital began trading on the New York Stock Exchange (NYSE) under the ticker symbol XXI after completing its merger with Cantor Equity Partners. The company holds over 43,000 BTC on its balance sheet, valued at nearly $4 billion, making it one of the world's largest publicly listed corporate holders of Bitcoin. However, its first-day trading performance was weak, with XXI's stock price hovering around $11, below the pre-merger closing price of nearly $14 for the special purpose acquisition company Cantor Equity Partners. XXI's debut follows the pattern of other Bitcoin vault stocks going public this year, where new listings often trade below their pre-merger benchmark prices as Bitcoin's price remains below its highs and premiums in the sector continue to narrow. Backed by minority investments from Tether, Bitfinex, and SoftBank, Twenty One Capital's management plans to build financial infrastructure and educational products around Bitcoin. Observers note that as the market increasingly favors clear operational models, companies with a significant Bitcoin weighting on their balance sheets are facing shrinking premiums.