51 Insights

51 Insights

CEO Notes

Tether’s Quiet U.S. Power Play

[Our daily CEO briefing for PRO readers]

Marc Baumann's avatar
Sangam Bharti's avatar
Marc Baumann and Sangam Bharti
Dec 29, 2025
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On December 9, 2025, Twenty One Capital began trading on the NYSE under the ticker “XXI” as the third largest Bitcoin holder (~$4B). [RELEASE]

Everyone sees Twenty One Capital as another MicroStrategy clone. The market saw it too: XXI dropped 25% on its NYSE debut to $11, trading at 0.80x NAV.

But while investors fixate on the Bitcoin treasury playbook, …

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