TechFlame reports that Twenty One Capital (NYSE: XXI), a Bitcoin treasury company, officially debuted on the New York Stock Exchange on Tuesday following its merger with Cantor Equity Partners. The company entered the market with a substantial balance sheet of over 43,000 Bitcoins (worth nearly $4 billion), instantly positioning itself as one of the largest publicly listed Bitcoin-holding enterprises globally. However, XXI faced pressure on its first trading day, with its stock price hovering around $11 throughout the session, significantly lower than Cantor Equity Partners’ final closing price of approximately $14 before the merger. This year, several companies that have gone public with Bitcoin Treasury as their core asset have exhibited similar trends. Against the backdrop of Bitcoin prices undergoing a high-level correction and sector premiums narrowing, newly listed companies have generally opened below their valuation ranges. Twenty One Capital has received minor investment support from Tether, Bitfinex, and SoftBank. Management stated that the company will focus on building financial infrastructure and educational products centered around Bitcoin in the future. However, these businesses are still in their early stages, and the market is evaluating whether the company can successfully transition from a "balance sheet-driven entity" to "a company with a clear business operational model."