December 10th: Bitcoin treasury company Twenty One Capital (NYSE: XXI) officially debuted on the New York Stock Exchange on Tuesday after completing a merger with Cantor Equity Partners. The company entered the market with a massive balance sheet of over 43,000 bitcoins (worth nearly $4 billion), quickly becoming one of the world's largest publicly traded Bitcoin holding companies.However, XXI's first-day performance came under pressure as the stock price stayed around $11 throughout the day, significantly below Cantor Equity Partners' pre-merger closing price of around $14. This year, several companies that have gone public with Bitcoin Treasuries as their core asset have seen similar trends: amid a high Bitcoin price but a narrowing premium for the sector, newly listed companies have generally opened below their valuation ranges.Twenty One Capital received minor investments from Tether, Bitfinex, and SoftBank. The management team stated that the company will focus on building financial infrastructure around Bitcoin and educational products. However, these businesses are still in the early stages, and the market is assessing whether the company can successfully transition from an "asset-driven balance sheet company" to a "company with a clear business operating model."