- Jack Mallers, CEO of Twenty One, has stopped publishing the company’s BTC holdings on its website and removed the BTC-per-share metric.
- The company has not added any Bitcoin since July 2025 and its BTC-per-share figure has been unchanged since then.
- Twenty One showed 43,514 BTC on its homepage as recently as a stored version of the site but that disclosure is no longer visible on the live site (archived).
- Mallers said the market now prefers BTC equity with cash flow, leverage, and minimal dilution, and he claimed he has “no idea” why the stock fell from about $50 to near $8 per share.
- Third-party trackers still list the company’s BTC-per-share number as unchanged (BitcoinTreasuries), and the company’s earlier disclosure of holdings was reported in a July announcement (Binance.com/en/square/post/07-30-2025-twenty-one-capital-emerges-as-major-bitcoin-holder-27628142204697″>July 30, 2025).
Jack Mallers, founder and CEO of Twenty One, told media this week that the company removed its BTC-per-share metric from the corporate website and has not bought bitcoin since July 2025. He said the metric is “less important,” and he suggested the market values bitcoin-focused equities that can use leverage and generate cash flow without diluting shareholders.
The company displayed 43,514 BTC on its homepage as recently as a preserved copy of the site (archived), but those figures no longer appear on the live site (xxi.money). Third-party tracker BitcoinTreasuries still lists the BTC-per-share figure as unchanged.
Mallers gave the explanation on video, saying, “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” (source). He added that some bitcoin treasury companies have had to sell BTC or dilute shareholders to finance themselves, and he framed Twenty One’s approach as avoiding those outcomes (source).
Mallers also addressed the company’s share-price decline, saying, “I have no idea why” the stock fell from about $50 to near $8 per share and later hovered near $10. He stated, “Nothing about the company has changed since the stock has been either $8 or $50. Literally, nothing has changed” (source).
Earlier this year, Mallers had promoted BTC-per-share as a performance measure and said the company aimed to increase the bitcoin exposure for shareholders. On July 30, 2025, the company’s BTC-per-share was reported at 0.00012559 and the holdings disclosure was publicized (announcement). By November, the figure remained unchanged in archived records (archived).
For context, “BTC per share” means the amount of bitcoin the company holds divided by its outstanding shares; “leverage” means borrowing to increase investment exposure. Earlier interviews discussing the metric and strategy are available (interview, clip).
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