Today I want to talk about something quite interesting — Twenty One Capital's IPO.

It sounds pretty impressive, holding a $4 billion Bitcoin reserve. It should be a hot stock, right? But on the first day of trading, the stock price plummeted by 20%.

Why did this happen? The reason isn't that complicated. Although the company has a strong Bitcoin asset base, its prospectus and public information barely explain its future business plans or profit models. Investors looked at it and thought: You’re just a Bitcoin holder? Why should I buy your stock? So they voted with their feet.

This incident gives us several lessons:

First, a large asset size doesn’t equal high investment value. Having money and making money are two different things.

Second, transparent business logic is becoming increasingly important. The market isn’t so easy to fool anymore. Telling stories isn’t enough; you need solid plans.

Third, do thorough research before making investment decisions. Understand what the company truly aims to do, rather than just focusing on the numbers on the books.

Honestly, this move has served as a wake-up call for the entire industry. Do you think the drop was unjustified? If it were you, would you consider buying stocks of such a company?