Twenty One (XXI) has fallen 25% early in its first day of trading following completion of its SPAC merger with Cantor Equity Partners (CEP). Now trading at about $10.50, the stock is at a level that effectively places the bitcoin native firm near its PIPE pricing of $10. The company enters the market with the third largest corporate bitcoin treasuries at 43,514 BTC and is backed by Tether, Bitfinex and Strike CEO Jack Mallers (who is also serving as XXI CEO). Its strategy focuses on capital efficient bitco ...