Twenty One (XXI) dropped 25% in early trading on its first day following a SPAC merger with Cantor Equity Partners (CEP), now trading near $10.50 and close to its $10 PIPE price.
The bitcoin-native firm enters the market with the third-largest corporate bitcoin treasury at 43,514 BTC. Backed by Tether, Bitfinex, and Strike CEO Jack Mallers — who also serves as XXI’s CEO — the company emphasizes capital-efficient bitcoin accumulation and ecosystem services supported by on-chain proof of reserves.
XXI’s decline reflects a broader trend among bitcoin treasury SPACs this year. Anthony Pompliano’s ProCap BTC (BRR) has fallen over 60% since its debut, trading near $3.75, while KindlyMD (NAKA) is down 99% from its all-time high to $0.43.
Bitcoin itself remained largely unchanged over the past 24 hours, trading around $90,900.
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