Twenty One Capital is having a rough day today. The crypto treasury firm made its big Wall Street debut yesterday, and so far, it does not look pretty. The stock, trading under the ticker XXI, dropped more than 24% on its opening day and closed at $10.80.
For the uninitiated, Twenty One Capital is basically a massive crypto vault majority-owned by Tether, the crypto exchange Bitfinex, with the Japanese technology investor SoftBank owning a smaller slice.
The trio went public with this project through a SPAC (Special Purpose Acquisition Company) deal backed by Cantor Fitzgerald. Cantor is an investment banking and brokerage firm, currently chaired by Brandon Lutnick, the son of US Secretary of Commerce Howard Lutnick.
Twenty One Capital currently holds over 43,500 Bitcoins. A hoard of that size makes it the third-largest corporate holder of the OG cryptocurrency globally.
Twenty One Capital debuts on the NYSE at $10.76, closes $11.43.
CEO Jack Mallers: “We’re Buying as much Bitcoin as we possibly can.” pic.twitter.com/BoazNSmypE
— Crypto Patel (@CryptoPatel) December 10, 2025
But here is the kicker. At the current market price, the stash is worth over $4 billion, which normally would be a good thing. But in the context of its Wall Street debut, the timing couldn’t be worse. Bitcoin itself has slid more than 28% from its October ATH of $126,000, putting the whole digital asset treasury (DAT) sector under pressure.
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So…Wait It Out Or Buy The Twenty One Capital Dip?
Twenty One Capital shows strong potential on paper, but it is still pretty early-stage in its actual operating business. Just how early, you say? Well, Jack Maller, CEO at Twenty One Capital, says that the company has only four full-time employees at the moment.
Plus, the company hasn’t really shared a timeline or a roadmap for launching real products, which is why the next few months will be make or break for the company. Investors have to decide if they are cool with investing in a company that is sitting on a mountain of Bitcoins, but isn’t really doing much with it at the moment.
Maller, on his part, is clear that Twenty One Capital isn’t another Strategy copycat and does not want to lump himself in with the other DATs that have popped up this year.
Instead, Maller and his co-founders at Tether think that there is room for something much bigger, such as a company that uses Bitcoin reserves as a foundational piece, but also builds real business on top.
NEW: Jack Mallers says that he plans on being the CEO of Twenty One Capital “forever” and that the market has not seen a treasury company like them yet because they plan on building businesses with cash flow.
Great pitch by a legendary bitcoiner
pic.twitter.com/fOcmlW4je5
— The ₿itcoin Therapist (@TheBTCTherapist) December 10, 2025
He even threw some shade at Strategy, saying, “We were shocked, to put it lightly, that someone like MicroStrategy was just going to simply finance buying Bitcoin just with debt forever.”
Maller is keeping his cards hidden for now, but has provided some hints for what’s to come, including Bitcoin credit and lending products.
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Are DATs Done Raising Easy Money?
DATs are having the best time right now. With the broader crypto market in decline, this sector is facing the heat. Most of these DATs are sitting on top of a pile of Bitcoin that isn’t doing much apart from just being a store of value, and investors are getting nervous.
One of the hottest trends for crypto in 2025 is reversing. Among the US and Canadian-listed companies that became digital asset treasuries, or DATs, the median stock price has fallen 45% this year, according to data compiled by Bloomberg https://t.co/AQMmB2d4Ac pic.twitter.com/ePaFz10OSO
— Bloomberg TV (@BloombergTV) December 9, 2025
The spotlight is now on mNAV (Market Net Asset Value). This metric compares the company’s overall value to the size of its crypto stash.
John Todaro, Senior Research Analyst at Needham, said, “It’s becoming harder for DATs to raise capital, and we are in an environment now where DATs need to show material differentiation to warrant the mNAV multiples they were trading at earlier in 2025.”
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Key Takeaways
- Twenty One Capital stock debuted on Wall Street under the ticker XXI and dropped more than 24%, closing at $10.80.
- Twenty One holds 43,500+ bitcoins, ranking as the world’s third-largest corporate holder
- Analysts warn DATs must differentiate beyond “buy and hold” strategies to attract capital
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