ChainThink report: On December 10, Twenty One Capital (NYSE: XXI), a Bitcoin treasury company, officially listed on the New York Stock Exchange following its merger with Cantor Equity Partners. The company entered the market with a massive balance sheet comprising over 43,000 BTC (valued at nearly $4 billion), quickly positioning itself among the largest publicly traded firms holding Bitcoin assets.

However, XXI's debut performance was under pressure, with the stock price remaining around $11 throughout the day—significantly below the previous closing price of Cantor Equity Partners at approximately $14 prior to the merger.
This year, multiple companies going public with Bitcoin treasury as their core asset have exhibited similar trends: new listings generally opened below their valuation ranges amid a high-level correction in Bitcoin prices and narrowing sector premiums.

Twenty One Capital has received minor investment support from Tether, Bitfinex, and SoftBank. Management stated that the company will focus on building financial infrastructure and educational products centered around Bitcoin in the future. However, these initiatives remain in early stages, and the market is assessing whether the company can successfully transition from a "balance sheet-driven entity" to a "business with clear operational models."