Bitcoin Firm Twenty One Falls 20% After Cantor Equity Merger (2)

Shares of Twenty One Capital Inc. declined 20% in its trading debut Tuesday, after it merged with special-purpose acquisition company Cantor Equity Partners Inc. to become the latest public crypto company.

Shares of the Austin, Texas-based Bitcoin treasury company opened at $10.74 each on Tuesday, below the Cantor SPAC’s closing price of $14.27. The stock closed at $11.42, giving the firm a market value of about $4 billion based on outstanding shares listed in a filing.

Twenty One was launched by an affiliate of Cantor Fitzgerald LP, stablecoin issuer Tether Holdings SA and SoftBank Group as a Bitcoin company. ...