Twenty One Capital is having a rough day today. The crypto treasury firm made its big Wall Street debut yesterday, and so far, it does not look pretty. The stock, trading under the ticker XXI, dropped more than 24% on its opening day and closed at $10.80.<\/p>\n
For the uninitiated, Twenty One Capital is basically a massive crypto vault majority-owned by Tether, the crypto exchange Bitfinex, with the Japanese technology investor SoftBank owning a smaller slice.<\/p>\n
The trio went public<\/a> with this project through a SPAC (Special Purpose Acquisition Company) deal backed by Cantor Fitzgerald. Cantor is an investment banking and brokerage firm, currently chaired by Brandon Lutnick, the son of US Secretary of Commerce Howard Lutnick.<\/p>\n Twenty One Capital currently holds over 43,500 Bitcoins. A hoard of that size makes it the third-largest corporate holder of the OG cryptocurrency globally.<\/p>\n Twenty One Capital debuts on the NYSE at $10.76, closes $11.43.<\/p>\n CEO Jack Mallers: \u201cWe\u2019re Buying as much Bitcoin as we possibly can.\u201d pic.twitter.com\/BoazNSmypE<\/a><\/p>\n \u2014 Crypto Patel (@CryptoPatel) December 10, 2025<\/a><\/p>\n\n But here is the kicker. At the current market price, the stash is worth over $4 billion, which normally would be a good thing. But in the context of its Wall Street debut, the timing couldn\u2019t be worse. Bitcoin itself has slid more than 28% from its October ATH of $126,000, putting the whole digital asset treasury (DAT) sector under pressure.<\/p>\n EXPLORE:\u00a0Next 1000X Crypto \u2013 Here\u2019s 10+ Crypto Tokens That Can Hit 1000x This Year <\/a><\/strong><\/p>\n Twenty One Capital shows strong potential on paper, but it is still pretty early-stage in its actual operating business. Just how early, you say? Well, Jack Maller, CEO at Twenty One Capital, says <\/a>that the company has only four full-time employees at the moment.<\/p>\n Plus, the company hasn\u2019t really shared a timeline or a roadmap for launching real products, which is why the next few months will be make or break for the company. Investors have to decide if they are cool with investing in a company that is sitting on a mountain of Bitcoins, but isn\u2019t really doing much with it at the moment.<\/p>\n Maller, on his part, is clear<\/a> that Twenty One Capital isn\u2019t another Strategy copycat and does not want to lump himself in with the other DATs that have popped up this year.<\/p>\n Instead, Maller and his co-founders at Tether think that there is room for something much bigger, such as a company that uses Bitcoin reserves as a foundational piece, but also builds real business on top.<\/p>\n NEW: Jack Mallers says that he plans on being the CEO of Twenty One Capital \u201cforever\u201d and that the market has not seen a treasury company like them yet because they plan on building businesses with cash flow. <\/p>\n Great pitch by a legendary bitcoiner pic.twitter.com\/fOcmlW4je5<\/a><\/p>\n \u2014 The \u20bfitcoin Therapist (@TheBTCTherapist) December 10, 2025<\/a><\/p>\n\n He even threw some shade at Strategy, saying, \u201cWe were shocked, to put it lightly, that someone like MicroStrategy was just going to simply finance buying Bitcoin just with debt forever.\u201d<\/p>\n Maller is keeping his cards hidden for now, but has provided some hints for what\u2019s to come, including Bitcoin credit and lending products.<\/p>\n EXPLORE:\u00a0Best New Cryptocurrencies to Invest in 2025<\/a><\/strong><\/p>\n DATs are having the best time right now. With the broader crypto market in decline, this sector is facing the heat. Most of these DATs are sitting on top of a pile of Bitcoin that isn\u2019t doing much apart from just being a store of value, and investors are getting nervous.<\/p>\n One of the hottest trends for crypto in 2025 is reversing. Among the US and Canadian-listed companies that became digital asset treasuries, or DATs, the median stock price has fallen 45% this year, according to data compiled by Bloomberg https:\/\/t.co\/AQMmB2d4Ac<\/a> pic.twitter.com\/ePaFz10OSO<\/a><\/p>\n \u2014 Bloomberg TV (@BloombergTV) December 9, 2025<\/a><\/p>\n\n The spotlight is now on mNAV (Market Net Asset Value). This metric compares the company\u2019s overall value to the size of its crypto stash.<\/p>\n John Todaro, Senior Research Analyst at Needham, said<\/a>, \u201cIt\u2019s becoming harder for DATs to raise capital, and we are in an environment now where DATs need to show material differentiation to warrant the mNAV multiples they were trading at earlier in 2025.\u201d<\/p>\n EXPLORE:\u00a09+ Best High-Risk, High-Reward Crypto to Buy in 2025 <\/a><\/strong><\/p>\n Twenty One Capital stock debuted on Wall Street under the ticker XXI and dropped more than 24%, closing at $10.80. <\/p>\n Twenty One holds 43,500+ bitcoins, ranking as the world\u2019s third-largest corporate holder <\/p>\n Analysts warn DATs must differentiate beyond \u201cbuy and hold\u201d strategies to attract capital <\/p><\/div>\n The post Is Softbank\u2019s Pre-FOMC Launch Dip Hottest Crypto Stock Buy of December?<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Twenty One Capital is having a rough day today. The crypto treasury firm made its big Wall Street debut yesterday, and so far, it does not look pretty. The stock, trading under the ticker XXI, dropped more than 24% on its opening day and closed at $10.80. For the uninitiated, Twenty One Capital is basically […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-119351","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/119351"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=119351"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/119351\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=119351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=119351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=119351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}So\u2026Wait It Out Or Buy The Twenty One Capital Dip?<\/h2>\n
Are DATs Done Raising Easy Money?<\/h2>\n
Key Takeaways<\/h2>\n