Bitcoin Stock 21Shares Dives 25% in NYSE Debut, Trading Near $10 PIPE Price

Shares of 21Shares, a company known for its Bitcoin treasury holdings, plummeted approximately 25% during its first day of trading on the New York Stock Exchange (NYSE). The stock, trading under the ticker symbol "CBTC," opened significantly lower than its reference price and hovered close to the $10 per share price set in a recent private investment in public equity (PIPE) deal. This sharp decline highlights the challenging market sentiment for crypto-related equities despite the company's direct exposure to Bitcoin (BTC). Analysts note the debut performance reflects broader pressures in the digital asset sector and investor caution regarding new listings tied to cryptocurrency volatility.