Tether’s Big Bet on a New Bitcoin Era Gets Off to a Sour Start

Emily Nicolle and David Pan take stock of Bitcoin treasury firm Twenty One Capital’s debut in New York — and question what might come next.

A throng of crypto true believers congregated on Wall Street on Tuesday, cheering as Jack Mallers, chief executive officer of Twenty One Capital Inc., rang the New York Stock Exchange bell to celebrate the trading debut of the ultra-connected Bitcoin treasury company.