Bitcoin Treasury Firm Backed by Tether, SoftBank Plunges on First Day of Trading — WSJ
By Vicky Ge HuangTwenty 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, was down 24% Tuesday morning.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.Twenty One holds 43,514 bitcoin, worth about $4 billion based on current prices. That makes it the third-largest corporate holder of bitcoin behind Michael Saylor's Strategy and bitcoin miner MARA Holdings, according to bitcointreasuries.net.Crypto treasury stocks have experienced a broad downturn after a sharp pullback in token prices. Bitcoin was trading around $91,000 Tuesday morning, down about 28% from an early-October peak above $126,000.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).