Public Trading Begins for Bitcoin-Focused Company
Jack Mallers' Twenty One Capital began trading Tuesday on the New York Stock Exchange following its merger with Cantor Equity Partners. The company operates under ticker XXI and holds 43,514 Bitcoin valued at approximately $3.9 billion.
The treasury ranks third among public companies, behind Strategy and MARA Holdings. Mallers stated Monday that the NYSE listing provides Bitcoin its deserved position in global markets while offering investors exposure to both reserve holdings and business operations.
Future Business and Infrastructure Plans
Twenty One Capital plans to build corporate infrastructure supporting financial products developed with and on Bitcoin. The roadmap includes native lending models and capital market instruments beyond simple accumulation strategies.
Cantor Fitzgerald, Tether, Bitfinex, and SoftBank provided early backing when the company launched in April. Mitchell Askew of Blockware Intelligence said the investor group connects Twenty One Capital to some of the world's most powerful institutions.
Cantor operates as a Federal Reserve Primary Dealer and is led by the Commerce Secretary's sons. Tether issues the largest stablecoin and maintains significant U.S. Treasury holdings. SoftBank oversees $330 billion in assets, while Mallers comes from a prominent financial family and founded Strike.
Arkham Intelligence tracked a Monday wallet transfer of the company's entire Bitcoin holdings, likely in preparation for the public debut. The operational plans extend beyond treasury management to educational content, branded media, and alternatives to legacy financial services.
Market Performance and Valuation Concerns
Shares closed their first trading session down 25% at approximately $10.50, near the PIPE pricing level of $10. The decline follows a pattern among 2025 Bitcoin treasury company launches.
Anthony Pompliano's ProCap BTC completed its SPAC merger last week and has since dropped over 60% to trade around $3.75. KindlyMD, another U.S.-listed treasury company funded through a PIPE, now trades at $0.43, down 99% from its peak.
The performance raises questions about valuation methodologies for treasury vehicles even as institutional Bitcoin adoption expands. Twenty One Capital aims to distinguish itself through operating businesses that generate recurring revenue alongside its accumulation strategy.