Opinion: Twenty One Capital's shares fell on their first day of trading; Bitcoin vault companies face "broader repricing".

Twenty One Capital, trading under the ticker symbol XXI on the New York Stock Exchange (NYSE) following its merger with Cantor Equity Partners, holds over 43,000 BTC on its balance sheet, worth nearly $4 billion, making it one of the world's largest publicly traded Bitcoin holders. However, its first day of trading was lackluster, with XXI's share price hovering around $11, below the nearly $14 closing price of Cantor Equity Partners before the merger. XXI's debut follows the pattern of other Bitcoin treasury IPOs this year, often trading below their pre-merger benchmark price as Bitcoin prices remain below their highs and the sector's premium continues to narrow. Twenty One Capital is backed by minority stakes in Tether, Bitfinex, and SoftBank, and management plans to build financial infrastructure and educational products around Bitcoin. Observers suggest that companies with a large Bitcoin holding on their balance sheets are facing shrinking premiums as the market increasingly favors clearer operating models.