Twenty One Capital's NYSE Debut Shows Bitcoin Treasuries Alone Can't Secure Premium Valuations

On 14 December 2025, Twenty One Capital listed on the New York Stock Exchange, holding more than 43,500 BTC worth nearly $4 billion. Its shares nevertheless fell around 20% and traded close to the net value of its Bitcoin reserves, indicating that public markets now expect clear revenue models and cash-flow potential rather than just large BTC treasuries. The weak debut also aligned with broader skepticism toward SPAC structures and cooling sentiment in Bitcoin-linked equities after a pullback in BTC prices.