Jack Mallers, after taking Twenty One public, stopped increasing the company's Bitcoin holdings since July 2025 and removed the BTC per share metric from the company website. Despite early promises to build wealth by increasing BTC per share and using leverage, the stock has fallen from $50 to about $8, with Mallers expressing surprise at the decline. He argues that the BTC per share metric is no longer meaningful, as the market prefers BTC exposure combined with cash flow and leverage without shareholder dilution or BTC sales.

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