Twenty One (XXI) tumbled 25% in early trading on its debut following a SPAC merger with Cantor Equity Partners (CEP), now hovering near $10.50 — close to its $10 PIPE price.
The bitcoin-focused company enters the market holding the third-largest corporate bitcoin treasury with 43,514 BTC. Backed by Tether, Bitfinex, and Strike CEO Jack Mallers, who also serves as XXI’s CEO, the firm focuses on capital-efficient bitcoin accumulation and bitcoin ecosystem services backed by on-chain proof of reserves.
XXI’s drop mirrors broader weakness among this year’s bitcoin treasury SPACs. Anthony Pompliano’s ProCap BTC (BRR) has fallen more than 60% since its debut, trading near $3.75, while KindlyMD (NAKA), another high-profile U.S.-listed bitcoin treasury company funded via a PIPE, has plunged 99% from its all-time high to $0.43.
Bitcoin itself remained largely flat over the past 24 hours, trading near $90,900.
