#bitcoin #Investing

🇺🇸 XXI (Twenty One Capital) fell almost 20% on its first day of trading, despite $4+ billion in $BTC

Yes, you read that right. The company, which holds 43,500 BTC (top 3 among public companies after MicroStrategy and MARA), debuted on NASDAQ yesterday and… immediately -20%.

What went wrong?

▪ Ticker XXI (former SPAC Cantor Equity Partners)

▪ Open: $10.74 (vs. $14.27 the day before)

▪ Close: $11.42 (-19.97%)

▪ After-hours bounced a little to $11.67

Backers are monsters: Tether, Bitfinex, SoftBank.

CEO — Jack Mallers (founder of Strike).

But investors clearly didn’t buy into the “we hold a bunch of Bitcoin and someday we’ll figure something out.” Mullers said bluntly in an interview with CNBC:

❌ “Don’t take us as just a Bitcoin treasury”

✅ “We are building an operating business: brokerage, exchange, landing, etc.… details — soon™”

So far, “soon™” sounds like “trust, but verify.” The market checked — and dropped 20%.

⚠️Conclusion:

Even 43,500 $BTC on the balance sheet no longer guarantees automatic hype. Investors in 2025 want a clear earnings plan, not just “we’re all-in on Bitcoin, bro.”

Will XXI play out when Mullers shows his cards?

Is this a new example of “bitcoin on the balance sheet ≠ success on the exchange”?

BTCUSDT

Perp

92,113.1

-0.86%