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Bitcoin Treasury Firm Backed by Tether, SoftBank Falls Sharply on First Trading Day
Twenty One Capital, a bitcoin treasury company backed by stablecoin giant Tether and Japan’s SoftBank Group, plunged on its first day of trading.
The stock, which trades under the ticker XXI, fell 20% Tuesday to close at $11.42. Shares were down as much as 27% earlier in the day before paring losses.
The company debuted on the New York Stock Exchange after completing a merger with Cantor Equity Partners, a special-purpose acquisition company led by Brandon Lutnick, chairman of Cantor Fitzgerald and son of Commerce Secretary Howard Lutnick.
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