Twenty One (XXI) fell 25% in early trading on its first day of trading after completing its SPAC merger with Cantor Equity Partners (CEP). The stock is currently trading around $10.50, a level that actually puts the Bitcoin-native company close to a $10 PIPE pricing.
The company entered the third-largest corporate Bitcoin Treasury market with 43,514 BTC and is backed by Tether, Bitfinex, and Strike CEO Jack Mallers (who also serves as XXI CEO). Its strategic focus is on capital-efficient Bitcoin accumulation and Bitcoin ecosystem services supported by on-chain proof of reserves.
XXI’s move is just the latest by a Bitcoin vault company this year, following the debut of Anthony Pompliano’s Bitcoin vault vehicle ProCap BTC (BRR), which completed its own SPAC deal last week. Since then, BRR has plummeted more than 60% and is currently trading around $3.75 as the PIPE pricing methodology continues to suffer.
KindlyMD (NAKA), the most notable U.S.-listed Bitcoin finance company to fund its instruments through PIPE, is currently trading at $0.43, down 99% from its all-time high.
Bitcoin itself was little changed over the past 24 hours at $90,900.
