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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.”