Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Bitcoin Treasury Company Twenty On
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Bitcoin Treasury Company Twenty On
Bitcoin Treasury Company Twenty One Drops 25% in NYSE Debut, Trades Near PIPE Pricing of $10
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.
By James Van Straten|Edited by Stephen Alpher
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.
Jack MallersBitcoin NewsTether
More For You
Protocol Research: GoPlus Security
Commissioned byGoPlus
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
View Full Report
More For You
Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up
Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale.
What to know:
- Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS.
- PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding.
- BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities.
Read full story
Latest Crypto News
Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up
Will the ETF Era Usher in the End of Crypto Tribalism?
Most Influential: Don Jr., Eric and Barron Trump
Most Influential: Brandon and Howard Lutnick
Most Influential: Paolo Ardoino
Most Influential: Bo Hines
Top Stories
CoinDesk's Most Influential 2025
Standard Chartered Throws in the Towel on Bullish Bitcoin Forecast
No Direction: Crypto Daybook Americas
IREN Raises $2.3B, Repurchases Debt in Balance Sheet Overhaul
SGX's Crypto Futures Draw New Liquidity, Not Diverted Cash, Exchange's President Says
Crypto Markets Today: Bitcoin Slips Back Toward Danger Zone Ahead of Fed Decision
Sorumluluk Reddi: Bu sitede yeniden yayınlanan makaleler, halka açık platformlardan alınmıştır ve yalnızca bilgilendirme amaçlıdır. MEXC'nin görüşlerini yansıtmayabilir. Tüm hakları telif sahiplerine aittir. Herhangi bir içeriğin üçüncü taraf haklarını ihlal ettiğini düşünüyorsanız, kaldırılması için lütfen [email protected] ile iletişime geçin. MEXC, içeriğin doğruluğu, eksiksizliği veya güncelliği konusunda hiçbir garanti vermez ve sağlanan bilgilere dayalı olarak alınan herhangi bir eylemden sorumlu değildir. İçerik, finansal, yasal veya diğer profesyonel tavsiye niteliğinde değildir ve MEXC tarafından bir tavsiye veya onay olarak değerlendirilmemelidir.
Ayrıca Şunları da Beğenebilirsiniz
Obscura Brings Bulletproofs++ to the Beldex Mainnet for Sustainable Scaling
Beldex introduced the Obscura hardfork, which went live on December 7, 2025, at block height 4939540. The upgrade includes multiple refinements, but its core
Paylaş
Hackernoon2025/12/12 14:01
Ondas Holdings (ONDS) Stock: Why Analysts Just Raised Their Price Target to $12
ONDS stock climbs as Needham raises price target to $12 with Buy rating. Institutional ownership surged 97% last quarter on counter-UAS optimism. The post Ondas
Paylaş
Blockonomi2025/12/12 20:12
Solana (SOL) Forms Triangle Pattern Signaling Potential 50% Rally in Crypto Market
Solana (SOL) appears to be gaining momentum as it continues to be in an accumulation phase below a prominent trend line. It is suggested that a breakout above this
Paylaş
Tronweekly2025/12/12 19:00