Just saw that Twenty One, the Bitcoin treasury company, went public on NYSE and immediately tanked 25% from its PIPE price of $10. That's a rough debut for any company, especially in the crypto space where institutional investors are supposedly more sophisticated. XXI opened around $7.50 if I'm reading the numbers right. Not exactly the vote of confidence you'd want on day one. Interesting to see how a Bitcoin-focused treasury play performs when it actually hits public markets. The spread between PIPE pricing and opening trade is pretty telling about where real buyers see the valuation. Worth watching how this settles over the next few weeks.