Jack Mallers drops Bitcoin-per-share metric and criticises rivals

XXI Capital CEO Jack Mallers said the Bitcoin-per-share metric is now “less important” as his Bitcoin treasury firm shifts strategy.

Mallers criticised Bitcoin treasury companies for diluting shareholders to finance additional Bitcoin purchases.

The remarks appeared aimed at Strategy, which recently raised $1.83 billion largely through dilutive stock issuance to buy Bitcoin.

“It’s become clear that the market wants a Bitcoin equity that can do things like get leverage and give maximal exposure to Bitcoin with cash flow without having to dilute common shareholders,”

Mallers said.

Bitcoin-per-share measures how much Bitcoin each shareholder effectively owns and typically declines when new shares are issued.

Mallers said some treasury companies have been forced to dilute shareholders or sell Bitcoin to sustain their operations.

Strategy’s latest fundraising involved the sale of more than 10 million shares, reducing per-share Bitcoin ownership.

Strategy shares fell around 8% following the announcement and are down roughly 62% over the past six months.