Why Twenty One’s First-Day Slide Shows Waning Appetite for BTC Firms

Key takeaways

• Twenty One Capital’s NYSE debut saw a nearly 20% drop, signaling cautious investor sentiment toward Bitcoin-heavy public listings.

• XXI traded close to its net asset value, suggesting the market did not assign a meaningful premium beyond the value of the firm’s Bitcoin holdings.

• The decline reflected broader market pressures, including Bitcoin volatility, fading enthusiasm for SPAC-backed listings and weakening mNAV premiums.

• The muted reaction suggests investors may now expect Bitcoin-focused firms to show clear, durable revenue models…