Bitcoin Treasury Company Twenty One Drops 25% in NYSE Debut, Trades Near PIPE Pricing of $10
TL;DR
Bitcoin treasury company Twenty One (XXI) dropped 25% in its NYSE debut, trading near its PIPE pricing of $10, as bitcoin remains stable at $90,900. This follows poor performance from similar companies like ProCap BTC and KindlyMD.
Key Takeaways
- •Twenty One (XXI) fell 25% on its first trading day post-SPAC merger, trading near $10.50, close to its PIPE pricing.
- •Bitcoin treasury companies, including ProCap BTC and KindlyMD, have seen significant stock declines this year.
- •Bitcoin price is little-changed at $90,900, while other crypto-related ventures like GoPlus and a new bitcoin ETF are mentioned.
- •The article highlights challenges in the bitcoin treasury sector, with PIPE pricing methods underperforming.
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.
- 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.
- 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.
- Bitcoin markets in Asia are stabilizing but remain structurally weak, with short-term holders dominating supply.
- U.S. ETF flows have shown signs of stabilization, but on-chain activity remains near cycle lows, indicating weak capital inflows.
- Bitcoin and Ether have seen price recoveries driven by spot demand and improved sentiment, while gold is supported by U.S. labor data and Fed rate cut expectations.
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