Tether-backed Twenty One Capital is under increased scrutiny as Bitcoin prices fall, impacting the firm's valuation. The company, which went public through a SPAC merger with Cantor Fitzgerald, holds over 43,500 BTC and is criticized for its heavy reliance on Bitcoin reserves without a clear business roadmap. CEO Jack Maller has hinted at future Bitcoin credit and lending products, but specifics on timelines and strategies remain vague. Analysts emphasize the need for digital asset trusts (DATs) to demonstrate substantial business operations to justify their valuations.