Twenty One上市首日破发,比特币财库公司面临“更广泛的重新定价”

Blockbeats
Dec 10, 2025

BlockBeats 消息,12 月 10 日,比特币财库公司 Twenty One Capital(纽交所代码:XXI)在完成与 Cantor Equity Partners 的合并后,于周二正式登陆纽约证券交易所。公司以超过 43,000 枚比特币(市值近 40 亿美元)的庞大资产负债表进入市场,一跃跻身全球最大上市比特币持仓企业之一。

然而,XXI 的首日表现承压,全天股价维持在 11 美元左右,显著低于合并前 Cantor Equity Partners 的最终收盘价 约 14 美元。今年以来,多家以比特币财库(Bitcoin Treasury)为核心资产上市的企业都出现类似走势:在比特币价格仍处高位回调、板块溢价收窄的背景下,新上市公司普遍低于估值区间开盘。

Twenty One Capital 获得 Tether、Bitfinex 以及 SoftBank 的少量投资支持。管理层表示,公司未来将重点构建围绕比特币的金融基础设施与教育类产品。不过这些业务仍处在早期阶段,市场正在评估公司能否从“资产负债表驱动型公司”顺利转向“具有清晰商业运营模式的企业”。

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