Twenty One Capital's highly anticipated debut on the New York Stock Exchange ended with a sharp sell-off, highlighting growing investor restraint toward Bitcoin (CRYPTO:BTC)-heavy public companies.
Trading under the ticker XXI, the stock fell by almost 20% on its first day, defying expectations fuelled by its sizeable Bitcoin treasury and prominent institutional backers.
The company went public through a merger with Cantor Equity Partners, a special-purpose acquisition company, a route that has faced increasing scepticism in recent years.
Shares opened at $10.74 following the SPAC conversion, well below Cantor Equity Partners’ previous close of $14.27.
By the end of the first trading session on 9 December 2025, the stock had settled at around $11.96, marking a decline of roughly 19.97%.
Twenty One Capital positions itself as a Bitcoin-native public company aiming to become the largest publicly traded corporate holder of the cryptocurrency.
At launch, the firm disclosed holdings of more than 43,500 Bitcoin, valued at approximately $3.9 billion to $4.0 billion at prevailing prices.