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Twenty One Capital stumbles in market debut despite multibillion-dollar bitcoin reserves
Twenty One Capital’s weak debut reflected investor caution toward its $4-billion bitcoin reserve, highlighting concentration risks and heightened sensitivity to crypto-market volatility.
The listing of Tether-backed Twenty One Capital saw shares weaken on debut, even though the company holds more than 43,500 bitcoins, valued near $4 billion at recent prices. Investors hesitated over concentrated treasury exposure and volatility risks tied to bitcoin’s sharp swings. Analysts noted that while the reserves offer leveraged upside, they also elevate balance-sheet vulnerability if crypto markets face further pullbacks or liquidity contractions.