During Jack Mallards’ 2025 media tour after taking TwentyOne public with Cantor Equity Partners I, he repeatedly promised shareholders that he would try to buy as much Bitcoin as possible ($BTC) Please increase as much as possible. $BTC Generate cash flow to purchase per share $BTCand leverage to buy $BTC.
But Twenty One isn’t buying anything. $BTC Since July.
Additionally, Mallers believes: $BTC Per share is no longer particularly important. He also said he has “no idea” why the company’s stock price has fallen from $50 a share to nearly $8 a share.
In fact, Mallards is so tired of people asking: $BTC That per share he deleted the company $BTC Collection materials can be found on the website.
Just last month, the company disclosed 43,514 pieces of information. $BTC It’s listed on the homepage, but I can’t find that number anywhere right now.
Jack Mallards explains why he deleted it $BTC per share
When asked about this deletion and the fact that no news has been posted on the website since April 2025, Mallards replied: $BTC Per share metrics because I don’t think it matters that much. I think $BTC When we first started, we were all about per share. ”
“In my opinion, I think it’s clear what the market is looking for,” he added. $BTC Stocks that can leverage leverage and provide maximum exposure $BTCMaintain cash flow without diluting common stockholders or stockholders. potentially their $BTC.
“We have seen for sure $BTC Finance company must sell its assets $BTC. we have seen for sure $BTC Finance companies need to dilute shareholders in order to raise funds. So in that world, I don’t think this metric means much. ”
Read more: Tether believes Jack Mallards will remain focused on Twenty Ones $BTCInstead of USDT
“I don’t know” why stock prices fell 84%
Even though I don’t buy it $BTC Since July, not increasing $BTC per share since July 30, and delete $BTC According to a disclosure on his website, Mallars claims he has “no idea” why XXI has continued to decline for more than six months.
“Nothing has changed about the company since the stock price was $8 or $50. Literally nothing has changed,” Mallers said earlier this week.
“Everything we did was about ourselves 43,514 $BTC. And for some reason, at one point the market thought it was worth $50 a share, $8 a share, and now it’s back to $10 a share. I can’t explain it. I don’t know why. ”
This is despite Mallard’s repeated promises to measure Twenty One by that standard. $BTC The per share metric hasn’t increased in over six months.
For example, in response to a question from state television’s Bloomberg newscaster, he answered: “This is your day job. You are implementing a performance metric called BPS. $BTC per share. Could you briefly explain about that? ”
Mr. Mallards responded, “Yes, obviously it’s hurting our earnings per share. But listen, we’re a company.” $BTC down to the core of the company. That’s also how we measure performance. In my opinion as a Bitcoiner, measuring your performance in dollars is not that impressive. ”
July 30, 2025 $BTC Mallards’ company’s per share was 0.00012559. By November 21st, there had been no change. Within the past month, Twenty One removed this indicator from its website, but third-party tracker BitcoinTreasuries still lists this indicator as unchanged.
no increase $BTC per share since July
On July 29, Mallards provided shareholders with clear guidance on assessing Twenty One’s success. $BTC per share.
“Bitcoin is the new hurdle rate. Can you perform in the following areas?” $BTC Clause? And the message I want to convey to existing shareholders and future shareholders is that I want them to become richer. $BTC Clause.
“Instead of measuring earnings per share in dollars, we want to measure it in dollars. $BTC. Can it grow? $BTC What is the earnings per share that you are exposed to as a shareholder in the business? That’s why we ($BTC per share). ”
The Bloomberg news anchor asked him to repeat for more clarity. “What is your end goal? To buy a lot? $BTC Hold it as long as possible and never sell it? ”
Mallards reiterated, “That’s one of the goals, yeah.”