Bitcoin Treasury Company XXI, dropped 25% on the NYSE.

XXI experienced a significant drop on its first trading day following its SPAC merger with Cantor Equity Partners. The stocks are trading at around $10, close to the PIPE price in the market.

This development is the latest example of the decline in stock performance among Bitcoin treasury companies this year. Bitcoin, on the other hand, has shown little change throughout the day, trading at around $90,900.