Twenty One (XXI) fell 25% at the start of its first day of trading following the completion of its SPAC merger with Cantor Equity Partners (CEP). Now trading at around $10.50, the stock is at a level that effectively puts the bitcoin-native company close to its PIPE price of $10.
The company enters the market with the third-largest corporate bitcoin treasury at 43,514 BTC and is backed by Tether, Bitfinex, and Strike CEO Jack Mallers (who also serves as CEO of XXI). Its strategy focuses on capital-efficient bitcoin accumulation and bitcoin ecosystem services backed by proof of on-chain reserves.
The XXI 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 then and is now trading at around $3.75, as the PIPE pricing methodology continues to suffer.
The highest-profile US-listed bitcoin treasury company to fund its vehicle through a PIPE was KindlyMD (NAKA), which is now trading at $0.43 and is down 99% from its all-time high.
Bitcoin itself is little changed in the last 24 hours at $90,900.
