Bitcoin Treasury Company Twenty One Drops 25% in NYSE Debut, Trades Near PIPE Pricing of $10

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin Treasury Company Twenty One Drops 25% in NYSE Debut, Trades Near PIPE Pricing of $10 The company is led by Strike CEO Jack Mallers and began trading under the XXI ticker today following its SPAC merger with Cantor Equity Partners. By James Van Straten | Edited by Stephen Alpher Dec 9, 2025, 3:30 p.m. What to know : XXI is down sharply in its first day of trading following its SPAC merger with Cantor Equity Partners. It's the latest in this year's crop of bitcoin treasury companies to see stock performance suffer. Bitcoin is little-changed for the day at $90,900. Twenty One (XXI) has fallen 25% early in its first day of trading following completion of its SPAC merger with Cantor Equity Partners (CEP). Now trading at about $10.50, the stock is at a level that effectively places the bitcoin native firm near its PIPE pricing of $10 . The company enters the market with the third largest corporate bitcoin treasuries at 43,514 BTC and is backed by Tether, Bitfinex and Strike CEO Jack Mallers (who is also serving as XXI CEO). Its strategy focuses on capital efficient bitcoin accumulation and bitcoin ecosystem services supported by onchain proof of reserves. XXI’s 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 and now trades at about $3.75, as the PIPE pricing methodology continues to suffer. The most high profile U.S. listed bitcoin treasury company to fund its vehicle through a PIPE was KindlyMD (NAKA), which now trades at $0.43 and is down 99% from its all time high. Bitcoin itself is little-changed over the past 24 hours at $90,900. Jack Mallers Bitcoin News Tether More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up By Shaurya Malwa | Edited by Omkar Godbole 2 hours ago Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale. What to know : Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS. PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding. BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities. Read full story Latest Crypto News Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up 2 hours ago Will the ETF Era Usher in the End of Crypto Tribalism? 8 minutes ago Most Influential: Don Jr., Eric and Barron Trump 34 minutes ago Most Influential: Brandon and Howard Lutnick 34 minutes ago Most Influential: Paolo Ardoino 34 minutes ago Most Influential: Bo Hines 34 minutes ago Top Stories CoinDesk's Most Influential 2025 Dec 8, 2025 Standard Chartered Throws in the Towel on Bullish Bitcoin Forecast 1 hour ago No Direction: Crypto Daybook Americas 3 hours ago IREN Raises $2.3B, Repurchases Debt in Balance Sheet Overhaul 2 hours ago SGX's Crypto Futures Draw New Liquidity, Not Diverted Cash, Exchange's President Says 5 hours ago Crypto Markets Today: Bitcoin Slips Back Toward Danger Zone Ahead of Fed Decision 4 hours ago