Bitcoin per action: the innovative metric with which Twenty One seeks to overcome Saylor

«We are not here to overcome the market, but to build a new one,» proclaims Jack Mallers, Twenty One Capital leader. With 42,000 BTC valued at approximately 3.9 billion dollars, the company breaks into the financial landscape as the third largest Bitcoin treasury in the world, only surpassed by Strategy (formerly Microstrategy) and Mara Holdings. With the support of Tether, Softbank and Cantor Fitzgerald, Twenty One challenges Michael Saylor’s strategy with two innovative metrics: Bitcoin per action (BPA) and the Bitcoin (TRR) return rate, designed to redefine Bitcoin’s corporate accumulation.

The Twenty One strategy is based on a metric that quantifies the amount of bitcoin that supports every action of the company. Unlike traditional metrics such as earnings per share or valuations in dollars, BPA invites investors to measure their wealth through exposure to currency created by Satoshi Nakamoto.

For example, with 42,000 BTC and 1 million shares in circulation, each action represents 0.042 BTC. The Twenty One mission is to continually increase this value, guaranteeing that capital captures are cumulative, which means that they drive the BPS and improve the exposure of shareholders to Bitcoin.

To illustrate it, let’s imagine a winery, rich wine, which has 10,000 bottles of exceptional wine and emits 100,000 actions, so each action is equivalent to 0.1 bottles. Acquire 5,000 more bottles without issuing new shares raises the value per share to 0.15, which increases the participation of shareholders in the wine.

In the same way, Twenty One uses the BPS to ensure that each action retains more bitcoin Over time, which reflects a philosophy where the value is linked to the asset, not to the Fíat currency. As Mallers states: «Our intention is to enrich shareholders in terms of Bitcoin.»

BRR: measuring efficiency with a touch of irony

As a BPS complement is the Bitcoin Return Rate (BRR), a metric that evaluates the effectiveness with which Twenty One financing and accumulation strategies increase BPS. While technical details remain partially hidden, BRR evaluates corporate decisions, such as debt issuance or the launch of financial products, to ensure that they improve the value per action of Bitcoin.

Ironically, the acronym «BR» evokes the «brrr» of the money printers of the central banks, a symbol of inflation held by the bitcoiners. But, despite the playful association, BRR underlines Twenty One’s commitment to a deflationary asset, although a brand change could clarify its intention.

Twenty One vs. Strategy: A career for digital gold

To understand rivalry, let’s imagine two gold mines. Strategy, led by Michael Saylor, is a colossal operation that accumulates 534,741 BTC (with a value exceeding 50 billion dollars), financed with 33,000 million dollars in convertible bonds, ordinary shares (MSTR) and preferred shares (STRK, STRF).

Its scale dilutes the impact of new acquisitions, which means adding 10,000 BTC as soon as its BPS is touched (approximately 0.065 BTC per share, with 8.2 million shares). The software business of Strategy generates a minimum cash flowwhich forces to resort to a complex financial engineering.

However, their actions quote with a premium (up to 80 % higher than their Bitcoin holdings), acting as a bitcoin indicator for institutional investors.

Twenty One, a more agile mine that begins with 42,000 BTC, significantly increases its BPS with each purchase, since Its lower number of actions amplifies the impact. Plan to sell tools and mining courses (financial products and training), generating income to buy more bitcoin without an excessive issuance of shares.

Unlike Strategy inherited software limitations, the Twenty One design, focused on Bitcoin, offers flexibility. This contrast has echoed, with the actions of Cantor Equity Partners shooting 197% after the announcement, according to Bloomberg, indicating market enthusiasm.

Why Twenty One could eclipse Strategy

Twenty One argues that his model surpasses Strategy, according to his fusion prospect with Cantor Equity Partners presented to the Bag and Securities Commission (SEC). Its lowest scale guarantees greater capital efficiency. It means that the purchase of 10,000 BTC raises the BPS by 23.8% (from 0.042 to 0.052 BTC per share), compared to 1.9% of Strategy (from 0.065 to 0.066). This cumulative approach maximizes the exposure of shareholders to Bitcoin.

As an entity that prioritizes Bitcoin, Twenty One Innova with loans, debt instruments and educational conferences, diversifying income to finance Bitcoin’s purchases without the strong dependence of Strategy debt.

Unlike the almost exclusive dependence of Strategy of bonds and actions, The Twenty One multifaceted platform offers a competitive advantage. His purest exposure to Bitcoin attracts investors who distrust Strategy’s high cousin.

With Bitcoin at a price of approximately $ 94,000 and a growing institutional interest, the initial scalability of Twenty One and its adoption focus They could expand their investor basepositioning it to challenge Strategy’s dominance.

In short, the bold entry of Twenty One Capital, backed by financial giants and promoted by BPS and BRR, marks a new phase in Bitcoin’s corporate adoption.

While Strategy remains the colossus with his huge treasury, the agile and innovative model of Twenty One could redefine the way companies adopt Bitcoin.

So, while the market observes the development of this competition, Twenty One’s promise to «build a new market» could transform the financial landscapedemonstrating that wealth, in the Bitcoin era, is not measured in dollars, but in digital gold.