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Bitcoin Treasury Company Twenty One Drops 25% in NYSE Debut, Trades Near PIPE Pricing of $10
The company is led by Strike CEO Jack Mallers and began trading under the XXI ticker today following its SPAC merger with Cantor Equity Partners.
Updated Dec 9, 2025, 3:42 p.m. Published Dec 9, 2025, 3:30 p.m.
What to know:
- XXI is down sharply in its first day of trading following its SPAC merger with Cantor Equity Partners.
- It's the latest in this year's crop of bitcoin treasury companies to see stock performance suffer.
- Bitcoin is little-changed for the day at $90,900.
Twenty One (XXI) has fallen 25% early in its first day of trading following completion of its SPAC merger with Cantor Equity Partners (CEP). Now trading at about $10.50, the stock is at a level that effectively places the bitcoin native firm near its PIPE pricing of $10.
The company enters the market with the third largest corporate bitcoin treasuries at 43,514 BTC and is backed by Tether, Bitfinex and Strike CEO Jack Mallers (who is also serving as XXI CEO). Its strategy focuses on capital efficient bitcoin accumulation and bitcoin ecosystem services supported by onchain proof of reserves.
XXI’s correction is just the latest for this year's crop of bitcoin treasury companies and follows the debut of Anthony Pompliano’s bitcoin treasury vehicle ProCap BTC (BRR), which completed its own SPAC deal last week. BRR has plunged more than 60% since and now trades at about $3.75, as the PIPE pricing methodology continues to suffer.
The most high profile U.S. listed bitcoin treasury company to fund its vehicle through a PIPE was KindlyMD (NAKA), which now trades at $0.43 and is down 99% from its all time high.
Bitcoin itself is little-changed over the past 24 hours at $90,900.
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