During Jack Mallers’ 2025 media tour, undertaken after he took Twenty One public with Cantor Equity Partners I, he repeatedly assured shareholders that he’d try to buy as much bitcoin (BTC) as possible, increase BTC per share, generate cash flows to buy BTC, and take on leverage to buy BTC.
However, Twenty One hasn’t bought any BTC since July.
Moreover, Mallers thinks BTC per share isn’t particularly important anymore. In addition, he has “no idea” why the company’s stock has declined from $50 to nearly $8 per share.
In fact, Mallers is so tired of people asking about BTC per share that he’s removed the company’s BTC holdings from its website.
Just last month, the company disclosed 43,514 BTC on its homepage but those numbers are now nowhere to be found.
Jack Mallers explains why he deleted BTC per share
When asked about this deletion, as well as the lack of news posted to this website since April 2025, Mallers answered, “We took off the BTC per share metric because I think it’s less important. I think BTC per share was really top of mind for us when we initially launched.”
He continued, “I think it’s become clear, in my opinion, that the market wants a BTC equity that can do things like get leverage, and give maximal exposure to BTC, with cash flow, without having to dilute common shareholders or potentially sell their BTC.
“We’ve seen certain BTC treasury companies have to sell their BTC. We’ve seen certain BTC treasury companies have to dilute shareholders to finance themselves. So in that world, I think the metric makes less sense.”
Read more: Tether thinks Jack Mallers will keep focus on Twenty One’s BTC, not USDT
‘No idea’ why the stock fell 84%
Despite not buying BTC since July, not increasing BTC per share since July 30, and deleting BTC disclosures from its website, Mallers claims he has “no idea” why XXI has been declining for over half a year.
“Nothing about the company has changed since the stock has been either $8 or $50. Literally, nothing has changed,” Mallers stated earlier this week.
“All we’ve done is own 43,514 BTC. And for some reason, at one point, the market thought that was worth $50 a share, $8 a share, now back to $10 a share. I can’t explain that. I have no idea why.”
This is in spite of Mallers’ repeated promises to measure Twenty One by its BTC per share metric, which hasn’t increased in over six months.
For example, he responded to a Bloomberg news anchor on national TV who asked him, “This is your main business. You’re introducing a performance metric called BPS, BTC per share. Can you just briefly explain that?”
Mallers responded, “Yes, I mean it’s obviously a rip on earnings per share. But listen, we’re a BTC company, all the way to our core. That’s even how we measure our performance. In my opinion, as a Bitcoiner, measuring your performance in dollars is not that impressive.”
On July 30, 2025, BTC per share of Mallers’ company was 0.00012559. By November 21, it was unchanged. Within the past month, Twenty One has deleted the metric from its website, but third-party tracker BitcoinTreasuries still lists it as unchanged.
No increase in BTC per share since July
On July 29, Mallers provided explicit guidance to shareholders about gauging the success of Twenty One by its BTC per share.
“Bitcoin is the new hurdle rate. Can you be performant in BTC terms? And the message I want to give to our existing shareholders and future shareholders, is we want our shareholders to get wealthier in BTC terms.
“Instead of measuring earnings per shares in dollars, we want to measure in BTC. Can we grow the BTC per share that you’re exposed to as a shareholder of the business? That’s why we created the [BTC per share] metric.”
Bloomberg’s news anchor asked him to repeat for extra clarity. “What’s the end game for you? Is it just to buy as much BTC as you can and hold it for as long as possible and never sell it?”
Mallers repeated, “That’s one of the goals, yes.”
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