Twenty One Capital’s NYSE Debut Faces Investor Skepticism

Twenty One Capital, Inc. began trading on the NYSE on December 9, 2025, experiencing a first-day share decline from its opening price of $10.74 due to investor caution.

The decline highlights concerns about Bitcoin-backed securities amid Twenty One Capital’s substantial BTC holdings and market volatility.

Twenty One Capital, Inc., backed by prominent firms including Tether and SoftBank, commenced trading on the NYSE on December 9, 2025. Despite its strong Bitcoin foundation, the company’s shares slid from an opening price of $10.74.

Led by CEO Jack Mallers, Twenty One Capital emphasizes Bitcoin’s role as a reserve asset. The company holds over 43,500 BTC. Tether’s CEO, Paolo Ardoino, stressed a Bitcoin-first strategy aligning with Tether’s vision.

“Bitcoin is honest money. That’s why people choose it, and that’s why we built Twenty One on top of it,” said Jack Mallers, Co-Founder and CEO of Twenty One, emphasizing the vision for the company’s future and its listing on the NYSE.

The decline in share price reflects investor hesitance toward Bitcoin-backed stocks amidst market volatility. This sentiment has underscored potential concerns regarding the value stability of such assets.

Financial Implications

Financial implications include a reduction in the perceived value of Bitcoin treasuries for companies. The broader effect on the market reflects uncertainty surrounding crypto investments and regulatory challenges.

Tether and Bitfinex hold majority ownership, with SoftBank as a significant minority. The company transferred substantial Bitcoin amounts to self-managed wallets, affirming transparency through proof-of-reserves.

Jack Mallers’ leadership focuses on promoting Bitcoin literacy and integration. Ongoing evaluation of regulatory environments is necessary to better understand future implications and potential growth opportunities for Bitcoin enterprises.