Just caught Twenty One's market debut on NYSE and it's been rough out of the gate. Stock dropped 25% on day one, now hovering around that $10 PIPE price point. For a Bitcoin treasury company, you'd think the timing would be better given where we're at in the cycle.

The PIPE investors basically got what they paid for right away, which is never a great sign for momentum. Interesting to see how institutional Bitcoin plays are performing when they go public. Guess the market's still pricing in a lot of caution around these newer Treasury plays compared to the old guard.