Twenty One ( XXI ) is down 25% early on its first day of trading following the completion of its SPAC merger with Cantor Equity Partners ( CEP ). Now trading at around $10.50, the stock is at a level that effectively puts the original bitcoin company close to its PIPE price of $10.
The company enters the market with the third largest corporate bitcoin government bonds at 43,514 BTC and is backed by Tether, Bitfinex and Strike CEO Jack Mallers (who also serves as XXI CEO). Its strategy focuses on capital-efficient bitcoin accumulation and bitcoin ecosystem services supported by onchain proof of reserves.
XXI’s correction is just the latest for this year’s crop of bitcoin tax companies and follows the debut of Anthony Pompliano’s bitcoin tax vehicle ProCap BTC (BRR), which completed its own SPAC deal last week. BRR has fallen more than 60% since and is now trading at around $3.75 as the PIPE pricing methodology continues to suffer.
The most high-profile US-listed bitcoin tax company to fund its vehicle through a PIPE was KindlyMD ( NAKA ), which is now trading at $0.43 and is down 99% from its all-time high.
Bitcoin itself is little changed over the past 24 hours at $90,900.
