Twenty One Capital plans to publish a metric called Bitcoin Per Share (BPS) to offer investors more transparency. This figure will represent the amount of Bitcoin backing each fully diluted company share.
Unlike traditional firms’ earnings-per-share models, BPS will allow shareholders to track performance directly in Bitcoin terms.
The firm stated that each share of the new company is expected to represent approximately 12,559 satoshis.
Meanwhile, the firm also emphasized that it carries no legacy liabilities, aiming to deliver pure exposure to Bitcoin without the risks of unrelated business operations.
Jack Mallers, the CEO and co-founder of Twenty One Capital, said:
“Twenty One is a new kind of public company: built on Bitcoin, backed with proof, and driven by a vision to reshape the global financial system. We’re not here to beat the existing system, we’re here to build a new one.”
Twenty One Capital’s move follows a growing trend of Bitcoin treasury strategies, first popularized by Strategy (formerly MicroStrategy).
Meanwhile, critics have raised concerns about the potential risks of these firms’ aggressive accumulation.
According to him:
“Bitcoin treasury companies aren’t a systemic risk. They’re deploying conservative, intelligent leverage, and are years away from true scale. The real risk is being underexposed while institutions remove supply at an accelerating pace.”
