Twenty One Capital fell about 19.97% on its first full trading day following its merger with Cantor Equity Partners, despite holding more than 43,500 BTC worth over $4 billion and backing from Tether, Bitfinex and SoftBank. The stock opened at $10.74 versus Cantor’s prior $14.27 close and finished at $11.42, before after-hours trading lifted it to roughly $11.92 and a market value around $4 billion. CEO Jack Mallers said the company aims to build an operating business around Bitcoin rather than be viewed solely as a treasury-style BTC holder.