Shares in Twenty One Capital (XXI) dropped 20% on its trading debut after merging with Cantor Equity Partners. Opening at $10.74, the BTC-focused company’s stock closed at $11.42, down 19.97% before a slight after-hours lift to $11.67. Backed by Tether and SoftBank, Twenty One holds over 43,500 Bitcoin worth $4 billion.

While Twenty One has not revealed its operating plans, CEO Jack Mallers emphasized they are not just a treasury company. Mallers aims to bring Bitcoin products to market with opportunities in brokerage, exchange, credit, and lending. The US has seen a surge in crypto treasury companies, mirroring the Strategy model.

Investor interest in crypto holding companies waned as the crypto market declined. Mallers relies on his track record and faith in Bitcoin to boost Twenty One. Focused on delivering value through Bitcoin, he sees the cryptocurrency as the primary opportunity for shareholders.

Read more at Coin Telegraph: Twenty One Capital Drops 20% on Debut After Merger