Twenty One Capital drops 19.97% after Cantor merger as market weighs $4 billion Bitcoin reserve

On Tuesday, Twenty One Capital opened at $10.74 in its market debut after merging with Cantor Equity Partners, below Cantor's previous close of $14.27, and by Wednesday's close the stock had fallen 19.97% to $11.42. The shares recovered about 2.2% in after-hours trading to roughly $11.92, valuing the company near $4 billion while it holds more than 43,500 BTC and presents itself as a Bitcoin-focused operating business rather than a pure treasury vehicle. Investors are awaiting more detail on its plans for brokerage, exchange infrastructure, and Bitcoin-based credit and lending lines as sentiment toward crypto-treasury-style companies softens.