Key takeaways
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Twenty One Capital’s NYSE debut saw a nearly 20% drop, signaling cautious investor sentiment toward Bitcoin-heavy public listings.
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XXI traded close to its net asset value, suggesting the market did not assign a meaningful premium beyond the value of the firm’s Bitcoin holdings.
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The decline reflected broader market pressures, including Bitcoin volatility, fading enthusiasm for SPAC-backed listings and weakening mNAV premiums.
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The muted reaction suggests investors may now expect…
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