Twenty One Capital's stock price fell below the offering price on its first day of trading, as Bitcoin treasury companies face broader repricing

The Bitcoin treasury company Twenty One Capital (NYSE: XXI) officially debuted on the New York Stock Exchange on Tuesday after completing its merger with Cantor Equity Partners. The company entered the market with a massive balance sheet of over 43,000 bitcoins (valued at nearly $4 billion), making it one of the largest publicly traded companies holding bitcoin globally. However, XXI's first-day performance was under pressure, with the stock price hovering around $11 throughout the day, significantly lower than the final closing price of about $14 for Cantor Equity Partners before the merger.

Since the beginning of this year, several companies listed with Bitcoin treasury as their core asset have shown similar trends: against the backdrop of a high price correction for bitcoin and narrowing sector premiums, newly listed companies generally opened below their valuation ranges. Twenty One Capital received a small amount of investment support from Tether, Bitfinex, and SoftBank. Management stated that the company will focus on building financial infrastructure and educational products around bitcoin in the future. However, these businesses are still in the early stages, and the market is assessing whether the company can successfully transition from an "asset-driven company" to one with a "clear business operating model."