ExchangeDEX+

Buy Crypto Markets Spot Futures500X Earn Events

Gold Bar & BTC Giveaway2000g

Twenty One Capital fell nearly 20% on its debut, even as Bitcoin rose ~3%, opening at US$10.74 (AU$16.53) and closing at US$11.42 (AU$17.58). The post Tether-Backed Twenty One Capital Slumps on Trading Debut Despite Bitcoin Rally appeared first on Crypto News Australia.Twenty One Capital fell nearly 20% on its debut, even as Bitcoin rose ~3%, opening at US$10.74 (AU$16.53) and closing at US$11.42 (AU$17.58). The post Tether-Backed Twenty One Capital Slumps on Trading Debut Despite Bitcoin Rally appeared first on Crypto News Australia.

Tether-Backed Twenty One Capital Slumps on Trading Debut Despite Bitcoin Rally

2025/12/10 13:24

Twenty One Capital dropped nearly 20% on its trading debut despite a 3% rise in Bitcoin, opening at US$10.74 and closing at US$11.42 (AU$16.53–AU$17.58).
The company entered the market with 43,514 BTC, valued over US$4.05 billion (AU$6.24 billion), making it the third-largest publicly traded corporate Bitcoin holder, backed by Tether, SoftBank, and Bitfinex.
While holding significant BTC, Twenty One aims to generate revenue through Bitcoin-focused business lines like brokerage, lending, and credit, with its SPAC deal raising US$850 million (AU$1.31 billion).

Bitcoin treasury firm Twenty One Capital experienced a steep decline on its first day of trading despite Bitcoin gaining around 3%. The company, listed under the ticker XXI, opened at US$10.74 (AU$16.53) and closed at US$11.42 (AU$17.58), nearly 20% below the US$14.27 (AU$21.96) closing price of the Cantor Equity Partners SPAC it merged with. In post-market trading, the stock edged up to US$11.80 (AU$18.17).

The listing followed a months-long effort to take Twenty One public via a SPAC backed by Cantor Fitzgerald, with Tether and SoftBank providing Bitcoin as part of the merger. At market entry, the company held 43,514 BTC, valued at more than US$4.05 billion (AU$6.24 billion), ranking it as the third-largest publicly traded corporate holder of the cryptocurrency.

Related: Tether Invests in Humanoid “Physical AI” Robots Aimed at Dangerous Industrial Jobs

Expanding Beyond Bitcoin Accumulation

CEO Jack Mallers emphasised that, unlike other firms focused solely on Bitcoin accumulation, Twenty One aims to develop revenue-generating services in brokerage, credit, and lending alongside holding Bitcoin. “We look at a Coinbase and don’t think they’re a Bitcoin business. They’re a crypto business. We look at Strategy that’s focused on Bitcoin but doesn’t have products or cash flow in the industry,” Mallers said.

The SPAC deal raised approximately US$850 million (AU$1.31 billion) through convertible notes and equity sales, complementing prior Bitcoin contributions from Tether, SoftBank, and Bitfinex. Analysts note that Twenty One’s decline reflects a broader trend among Bitcoin treasury companies, which have faced sharp corrections following SPAC listings, with similar vehicles seeing losses of 25–60% soon after market debut.

Despite the initial drop, the firm remains strategically positioned with a substantial Bitcoin reserve and a focus on building utility-focused business lines connected to the digital asset ecosystem. Its holdings, currently valued above US$3.97 billion (AU$6.11 billion), highlight the growing role of digital asset treasuries in corporate investment strategies.

Related: Coinbase Reopens Its Doors in India After Two-Year Pause, Begins Careful Market Reentry

The post Tether-Backed Twenty One Capital Slumps on Trading Debut Despite Bitcoin Rally appeared first on Crypto News Australia.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.