NYSE newcomer XXI drops below debut price on first day: 40,000 BTC can't support a $14 valuation?

【Blockchain Rhythm】Twenty One Capital (Code name XXI) finally rang the opening bell at the New York Stock Exchange. This Bitcoin treasury company, which completed its merger with Cantor Equity Partners, unveiled itself with over 43,000 BTC — roughly $4 billion at current prices — directly entering the ranks of the world’s largest publicly listed companies by holdings.

However, its first day performance was a bit awkward. The stock hovered around $11 throughout the day, significantly lower than Cantor’s pre-merger closing price of $14. To be honest, this script feels quite familiar — several companies that went public this year through Bitcoin holdings are in the same situation: BTC prices oscillate at high levels, market premiums are getting stingier, and initial stock prices mostly fell below expectations.

Behind XXI are Tether, Bitfinex, and a symbolic investment from SoftBank. The management’s pitch is to develop Bitcoin financial infrastructure and educational products, but frankly, these businesses are still in their infancy.

The most pressing question in the market right now is simple: can this company turn from “holding a bunch of coins on paper” to “having real business that makes money”? After all, how long can they sustain the story relying solely on their balance sheet?