Bitcoin treasury rout deepens as Jack Mallers’ new firm falls 20% in trading debut

Core Insights - Shares of Twenty One Capital, a Bitcoin treasury firm, fell 20% on its debut, dampening initial excitement in the market [1] - Bitcoin has decreased by approximately 27% from its all-time high of $126,080, leading to significant unrealized losses for companies that invested heavily in Bitcoin [2] - Other firms with large Bitcoin holdings are also experiencing substantial unrealized losses as their share prices decline [3] Company Overview - Twenty One Capital is now the third-largest Bitcoin treasury firm, owning around 43,500 Bitcoin valued at over $4 billion, but its market capitalization is only $3.85 billion, indicating market pessimism [4] - The firm was established through a merger with Cantor Equity, a special purpose acquisition company backed by Cantor Fitzgerald [5] - Tether, the issuer of the largest stablecoin, owns over 50% of Twenty One Capital, while SoftBank Group holds a significant minority stake [6] Leadership and Industry Position - Jack Mallers, the CEO of Twenty One Capital, is recognized for his commitment to Bitcoin and has been involved in the cryptocurrency space since at least 2016 [7]