Twenty One Capital drops 19.97% on Dec. 9, 2025 NYSE debut, XXI priced near BTC NAV

On Dec. 9, 2025, Twenty One Capital began trading on the NYSE under ticker XXI and fell 19.97% by the close. The stock opened at $10.74 versus the SPAC's prior $14.27 close, finishing at $11.96 and trading close to the value of its Bitcoin holdings. The first-day action signaled limited appetite for premiums over BTC net assets.