Twenty One (XXI) has experienced a 25% drop in its initial trading day after merging with Cantor Equity Partners (CEP). Currently trading around $10.50, this positions the bitcoin-native firm close to its PIPE pricing of $10.
The firm enters the market boasting the third largest corporate bitcoin treasury, holding 43,514 BTC, with backing from Tether, Bitfinex, and Strike CEO Jack Mallers, who also serves as XXI’s CEO. The strategy emphasizes capital-efficient bitcoin accumulation and ecosystem services with on-chain proof of reserves.
XXI’s decline is part of a trend among this year’s bitcoin treasury firms, following the recent launch of Anthony Pompliano’s ProCap BTC (BRR), which completed its SPAC deal last week. BRR has plummeted over 60% since its debut, now trading around $3.75, as the PIPE pricing model continues to face challenges.
The most prominent U.S.-listed bitcoin treasury firm to utilize a PIPE has been KindlyMD (NAKA), which currently trades at $0.43, reflecting a staggering 99% decrease from its peak value.
As for bitcoin, it remains relatively stable in the past 24 hours, priced at $90,900.
