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Bitcoin treasury agency Twenty One Capital ($XXI) plummeted 20% throughout its first day of buying and selling yesterday as Try launched a $500 million most well-liked inventory providing to accumulate extra BTC.
With backing from stablecoin issuer Tether, Bitfinex and Japan’s Softbank Group, Twenty One Capital was probably the most anticipated public debuts within the crypto sector this yr.
Twenty One Capital share value (Supply: Yahoo Finance)
The corporate was listed through a Particular Objective Acquisition Firm (SPAC) merger with Cantor Fairness Companions and put in Strike founder Jack Mallers as CEO. It regained some misplaced floor in after-hours buying and selling with a 4.4% pump
Twenty One Capital “Not A Treasury”
Whereas it has been within the digital asset treasury (DAT) marketplace for lower than a yr, the corporate is already ranked because the third-largest company BTC holder globally.
Twenty One Capital BTC holdings (Supply: Bitcoin Treasuries)
Based on Bitcoin Treasuries information, it holds 43,514 BTC on its stability sheet, rating it slightly below crypto miner MARA Holdings and company crypto treasury big Technique.
Even with its substantial BTC holdings, Mallers instructed CNBC in a Dec. 9 interview that the corporate is “not a treasury.”
“We don’t need the market to think about us and value us as only a treasury asset,” he mentioned. “We do have plenty of Bitcoin, however we’re additionally constructing a enterprise.”
“We’re constructing an working firm, we’re bringing plenty of Bitcoin merchandise to market with the intent to have money move,” Mallers mentioned.
The CEO stopped in need of sharing Twenty One Capital’s actual plans, however did say that he sees “many alternatives in brokerage, change, credit score and lending.”
When pressed for extra info, Mallers mentioned that the plans might be introduced “sooner reasonably than later.”
Try Publicizes $500M Providing To Purchase Extra Bitcoin
Whereas Twenty One Capital tries to recuperate from a rocky debut, Try has introduced a $500 million inventory gross sales program to double down on its Bitcoin-purchasing technique.
The publicly traded asset supervisor and Bitcoin treasury firm was co-founded in 2022 by American entrepreneur and politician Vivek Ramaswamy.
In a Dec. 9 assertion, Try mentioned that it intends to make use of the online proceeds from the sale for “basic company functions.” This consists of, amongst different issues, “the acquisition of Bitcoin and Bitcoin-related merchandise and for working capital.”
Try declares $500,000,000 SATA At-The-Market (ATM) program.
This system builds on the success of the upsized SATA IPO providing and can present the corporate with further capital for basic company functions, together with buying extra Bitcoin.
As of 11/7/25, we HODL…
— Try (@try) December 9, 2025
Try is at the moment the 14th-largest company BTC holder with 7,525 cash on its stability sheet.
Much like Twenty One Capital, Try entered the DAT house this yr after it introduced a pivot to a BTC treasury by a public reverse merger in Might. Try agreed to accumulate Semler Scientific in September, which positioned it as one of many largest company holders of BTC.
Saylor Pitches $50 Trillion Plan To UAE
Each Twenty One Capital and Try are following the Bitcoin-buying similar playbook pioneer by Michael Saylor’s Technique, which began buying Bitcoin in 2020 by a wide range of debt financing devices.
Earlier this week, Saylor proposed digital banking merchandise that he believes may result in as much as $50 trillion in capital inflows.
Talking on the Bitcoin MENA occasion in Abu Dhabi, Saylor mentioned that international locations may use overcollateralized BTC reserves and tokenized credit score devices to create regulated digital financial institution accounts, which he says will be capable to provide increased yields than conventional deposits.
He outlined a construction through which digital credit score devices would make up roughly 80% of a fund that the merchandise can be tied to. This is able to then be mixed with a 20% allocation to fiat foreign money and a ten% reserve buffer to assist scale back volatility, he mentioned.
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