Twenty One Capital has been listed on the New York Stock Exchange (NYSE), bringing with it a significant Bitcoin reserve and drawing considerable attention.
The stock fell sharply on its first day, raising a clear question among investors and the industry: what will happen next to a company whose operations are built on Bitcoin during a bear market?
The debut of the Bitcoin giant on Wall Street
Trading under the ticker XXI, the company comes to market with over 43,500 Bitcoins on its balance sheet.
This asset, valued at approximately $3.9 billion, makes Twenty One Capital one of the largest entities managing Bitcoin as a company. Jack Mallers, one of the company's founders, described the listing as an attempt to give Bitcoin a clear position in traditional markets. According to him, investors should have the opportunity to invest in a company that is built entirely on the financial logic of Bitcoin.
“Bitcoin is honest money. That's why people choose it, and that's why we built Twenty One on it,” Mallers stated in a press release. “Listing on the NYSE means reinforcing Bitcoin's position in global markets and offering investors the best of Bitcoin: its strength as a reserve and the opportunities presented by the business.”
This is not about a marginal phenomenon. Tether, Bitfinex, SoftBank, and Cantor Equity Partners support XXI, giving the company institutional weight rarely seen in Bitcoin-based launches.
Cantor Equity Partners also has visible background influencers: the company was established with the support of Cantor Fitzgerald, and this investment firm is led by Brandon Lutnick, who is the son of U.S. Commerce Secretary Howard Lutnick. This adds a layer of institutional credibility to XXI's public listing.
However, the first trading day was difficult, as the stock fell over 24%. The reaction reflects caution – investors want to see how XXI plans to operate alongside a large Bitcoin reserve.
DATs are struggling as Bitcoin declines.
Twenty One Capital's stock market debut occurs at a time when the cryptocurrency market faces new pressures.
The price of Bitcoin has fallen about 30% from its October peak, and related stocks have also weakened in tandem.
At the same time, digital asset reserves (DATs) have experienced particularly large declines, as their values often fluctuate directly in relation to reserves. Analysts now emphasize that DATs must demonstrate offering more than mere exposure to Bitcoin. The era of large mNAV premiums is over, and investors demand clearer business models.
In this environment, XXI finds itself in a challenging situation as a new publicly listed player. The company must demonstrate its ability to navigate market fluctuations and build operations that can withstand Bitcoin's value volatility.
Growth plans await market validation.
Mallers and his team have stated that the company's goal is to grow beyond mere accumulation.
XXI has announced that it is developing Bitcoin-based lending tools and capital market products.
The goal is also to create training and media projects that promote the broader adoption of Bitcoin.
These are still only preliminary plans and not yet implemented business lines. However, they reflect the company's goal of building a broader ecosystem rather than remaining merely a passive reserve.
It remains unclear whether investors view this strategy positively.
Some consider XXI a future industry influencer due to its extensive institutional networks. On the other hand, some emphasize the weakness of the cryptocurrency market and the general caution of investors in merger-based listings.
The listing is an important milestone, but the next phase requires results – mere vision is no longer enough.
