Cryptocurrency treasury Twenty One Capital’s shares dropped by 20% in its New York Stock Exchange debut, as Bitcoin’s price continues to lag.
Twenty One (NYSE: XXI) is majority-owned by stablecoin issuer Tether and cryptocurrency exchange Bitfinex, with SoftBank owning a minority stake. The company’s share price ended its first trading day at $11.42.
“Listing on the NYSE is about giving Bitcoin the place it deserves in global markets and giving investors the best of Bitcoin: its strength as a reserve and the upside of a business built on it,” said Twenty One CEO Jack Mallers ahead of its trading debut.
The company has more than 43,500 Bitcoin, it said, and is the cryptocurrency’s third-largest public corporate holder. It also plans to produce financial infrastructure and educational resources for Bitcoin.
It merged with special-purpose acquisition company Cantor Equity Partners, which was backed by Cantor Fitzgerald, ahead of the initial public offering.
Bitcoin prices are down 7.7% across 2025 to date, reaching US$92,508.90 as of 3:15 pm AEDT, and have fallen by more than 28% from their October peak. In November, Bitcoin saw its largest monthly drop in over four years.
Standard Chartered halved its year-end Bitcoin price forecast to $100,000 this week, having previously argued prices would reach $200,000 by the end of 2025.
While stablecoin issuer Circle and crypto exchange Bullish saw shares more than double in their first trading days earlier this year, cryptocurrency companies’ IPOs now face greater pressures. Bitcoin treasury ProCap Financial’s shares dropped by 14% on its Nasdaq debut yesterday.
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