Twenty One Capital (XXI), a Tether-backed Bitcoin company led by Strike’s Jack Mallers, closed its first day of trading on Nasdaq at $11.42 per share, down about 20% from the SPAC merger closing price of $14.27, despite a 3% rise in Bitcoin’s price. The company holds 43,514 Bitcoins (worth over $4.05 billion), ranking third among public companies in Bitcoin holdings. Mallers emphasized that the company’s strategy differs from pure Bitcoin asset management firms like MicroStrategy, aiming to build a Bitcoin-native brokerage and lending business to achieve profitability while continuously accumulating Bitcoin.

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