# Vault Articoli collegati

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Digital Asset Vaults Lose Their Luster: Twenty One's Stock Plunges 20% on First Trading Day

Twenty One Capital, a Bitcoin-focused treasury company backed by Tether and SoftBank, saw its shares plunge approximately 20% on its first day of trading on the New York Stock Exchange. The sharp decline reflects investor skepticism toward the valuation and business model of Bitcoin treasury companies amid a significant cryptocurrency market downturn. The company, led by 31-year-old CEO Jack Mallers, holds around 43,500 BTC. However, Bitcoin holdings have fallen over 25% since October’s all-time high near $126,000, putting pressure on the "digital asset treasury" (DAT) model. Despite its large Bitcoin reserve and strong backers, investors remain cautious due to unclear revenue paths and heavy reliance on Bitcoin’s volatile price. Twenty One went public via a merger with SPAC Cantor Equity. Unlike traditional companies, its valuation is almost entirely tied to its Bitcoin holdings, using metrics like "Bitcoin per Share" (BPS). Yet, the firm has not detailed how it will generate sustainable profits beyond holding Bitcoin. The sell-off reflects broader pressures on crypto-linked stocks. Other Bitcoin-heavy companies like Metaplanet, Trump Media, and Empery Digital also face millions in unrealized losses and falling share prices as Bitcoin corrects. The debut underscores high volatility and valuation risks in crypto investing. Despite innovation and institutional support, long-term viability requires transparent business models and clear profitability strategies—lessons even high-profile crypto firms must heed.

cointelegraph_中文12/11 23:16

Digital Asset Vaults Lose Their Luster: Twenty One's Stock Plunges 20% on First Trading Day

cointelegraph_中文12/11 23:16

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