A crowd of crypto diehards packed the New York Stock Exchange this week as Jack Mallers rang the opening bell for Twenty One Capital. The symbolism felt slippery. Bitcoin had arrived on Wall Street again… Not as a token, not as an ETF or a miner, but as something far stranger: a Digital Asset Treasury company, or DAT. Not surprisingly, by the closing bell the cheering turned into jeering. Twenty One Capital’s stock dropped nearly 20% on Day 1 following its SPAC merger with Cantor Equity Partners.