Citing Yahoo Finance, shares of Twenty One Capital, a Bitcoin-focused firm founded by Cantor Fitzgerald, fell nearly 20% on their first day of trading on NYSE on December 9. The stock opened at $10.74, below the $14.27 level of the SPAC Cantor Equity Partners, with which Twenty One Capital merged to go public. The stock closed at $11.42, marking a 19.9% decline from the previous session. The company holds 42,000 BTC (~$3.9 billion) and is the third-largest public holder of Bitcoin. Despite its IPO, Twenty One Capital has not disclosed a detailed business plan or operational model. CEO Jack Mallers stated the firm does not intend to become a crypto treasury, emphasizing its goal to build a full-fledged business around Bitcoin. On the same day, Strive Asset Management, linked to Vivek Ramaswamy, announced a $500 million stock offering to fund further Bitcoin accumulation and business development.
Bitcoin Company Twenty One Capital Shares Drop 20% on Debut
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