Twenty One's share price fell below its IPO price on its first day of trading, prompting Bitcoin Treasury to face "broader repricing."

According to Mars Finance, on December 10th, Twenty One Capital (NYSE: XXI), a Bitcoin treasury company, officially listed 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 (a market capitalization of nearly $4 billion), instantly becoming one of the world's largest listed Bitcoin holders. However, XXI's debut was under pressure, with its share price remaining around $11 throughout the day, significantly lower than Cantor Equity Partners' final closing price of approximately $14 before the merger. This year, several companies listing with Bitcoin treasuries as their core asset have shown similar trends: with Bitcoin prices still at high levels and corrections, and the sector's premium narrowing, newly listed companies generally opened below their valuation range. Twenty One Capital received limited 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 their early stages, and the market is assessing whether the company can successfully transition from a "balance sheet driven company" to an "enterprise with a clear business operating model."