Twenty One (XXI) fell 25% in early trading on its first day following the completion of its SPAC merger with Cantor Equity Partners (CEP). The stock now trades around $10.50, nearing its PIPE price of $10.
The bitcoin-focused company enters the market with the third-largest corporate bitcoin treasury, holding 43,514 BTC. Backed by Tether, Bitfinex, and Strike CEO Jack Mallers — who also serves as XXI’s CEO — the firm focuses on capital-efficient bitcoin accumulation and bitcoin ecosystem services, supported by on-chain proof of reserves.
XXI’s decline follows a broader trend among this year’s bitcoin treasury SPACs. Anthony Pompliano’s ProCap BTC (BRR), which completed its own SPAC merger last week, has fallen more than 60% to around $3.75 as PIPE pricing remains under pressure.
KindlyMD (NAKA), another high-profile U.S.-listed bitcoin treasury company funded via a PIPE, has suffered even steeper losses, down 99% from its all-time high to $0.43.
Bitcoin itself remained largely flat over the past 24 hours, trading near $90,900.
