Bitcoin Treasury Company Twenty One Drops 25% in NYSE Debut, Trades Near PIPE Pricing of $10

Core Viewpoint - Twenty One (XXI) has experienced a significant decline of 25% on its first trading day after merging with Cantor Equity Partners (CEP), now trading around $10.50, close to its PIPE pricing of $10 [1] Company Overview - XXI holds the third largest corporate bitcoin treasury with 43,514 BTC and is supported by notable entities such as Tether, Bitfinex, and Strike CEO Jack Mallers, who also serves as XXI's CEO [2] - The company's strategy emphasizes capital-efficient bitcoin accumulation and providing bitcoin ecosystem services, underpinned by on-chain proof of reserves [2] Market Context - The decline of XXI is part of a broader trend affecting bitcoin treasury companies this year, following the recent launch of Anthony Pompliano's ProCap BTC (BRR), which has seen a drop of over 60% since its debut, now trading at approximately $3.75 [3] - Another notable example is KindlyMD (NAKA), which funded its vehicle through a PIPE and is currently trading at $0.43, down 99% from its all-time high [4] - Bitcoin's price has remained relatively stable over the past 24 hours, currently at $90,900 [4]