Jack Mallers, CEO of XXI Capital, has announced the company will no longer use the Bitcoin-per-share metric, a move that challenges the traditional Bitcoin treasury model. Mallers criticized Michael Saylor's Strategy, the largest corporate Bitcoin holder, for its reliance on dilutive stock issuance to finance Bitcoin purchases. Strategy recently raised $2.1 billion, primarily through issuing new shares, which reduced per-share Bitcoin ownership and led to an 8% drop in its stock price.XXI Capital, the third largest corporate Bitcoin holder, aims to maximize Bitcoin exposure without diluting shareholders, though specific strategies remain undisclosed. Despite Mallers' critique, XXI's stock has fallen over 70% in the past six months, surpassing Strategy's 62% decline. The company has yet to launch a cash-generating business, despite previous promises.

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