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Twenty One Capital's IPO Underperforms as Bitcoin Treasury Firms Face Repricing

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Bitcoin news broke on December 10 as Twenty One Capital (XXI) listed on the NYSE after merging with Cantor Equity Partners. Despite holding over 43,000 BTC in assets, the stock opened below $14 and traded near $11. Bitcoin analysis shows a broader trend of weak performance among Bitcoin treasury-focused IPOs. The firm has drawn small investments from Tether, Bitfinex, and SoftBank. Management plans to build Bitcoin-related financial infrastructure and educational tools, though these remain in early stages.
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