Overview
- The Cantor Equity Partners SPAC combination took Twenty One public on December 9 under the ticker XXI.
- Shares dropped roughly 20–24% on the first trading day, leaving the stock priced below the value of its Bitcoin holdings.
- The company holds about 43,500 BTC, worth roughly $3.9–$4.0 billion, against a market capitalization reported near $3.85 billion after the debut.
- Backers include Tether, Bitfinex, SoftBank and Cantor Equity Partners, reflecting significant institutional support.
- The decline comes as Bitcoin is roughly 27–30% below its October peak and analysts say DATs must show differentiated, revenue-generating models, with CEO Jack Mallers pointing to planned utility services.