Key Highlights Jack Mallers departed from his Twenty One Capital CEO position on July 20 to refocus on Strike operations Former Wall Street executive and Elektron Energy founder Raphael Zagur
Twenty One Capital has announced Jack Mallers’ resignation from the CEO position, effective as of July 20. The board of directors has appointed Raphael Zagury to succeed him in the leadership role.
BREAKING: Jack Mallers steps down as CEO of Twenty One Capital
Mallers announced his resignation from $XXI, the Tether-backed Bitcoin treasury company launched in April 2025, saying the role helped clarify his long-term priorities.
The departure comes amid a brutal decline… pic.twitter.com/Swpo4ivqH2
— Coin Bureau (@coinbureau) July 22, 2026
Mallers played a founding role in establishing Twenty One Capital and led the company through its December 2025 public debut on the New York Stock Exchange via a SPAC transaction with Cantor Equity Partners.
The leadership change coincides with the termination of a proposed tripartite merger involving Twenty One Capital, Strike, and Elektron Energy. Tether initially unveiled this strategic combination at the Bitcoin Conference in April 2026.
The proposed transaction aimed to unite Twenty One’s substantial Bitcoin reserves, Strike’s payment technology infrastructure, and Elektron’s cryptocurrency mining capabilities under a single publicly traded entity. That arrangement has now been abandoned.
Strike will continue operating independently. While Twenty One and Elektron are exploring a potential bilateral arrangement, no formal agreement has materialized.
Mallers addressed his departure succinctly on X: “My life’s work remains Bitcoin. My Bitcoin company is Strike. The work continues.”
I've decided to step down as CEO of Twenty One.
This wasn't an easy decision, but it was the right one. This experience brought tremendous clarity about who I am and what I want to build.
My life's work remains Bitcoin. My Bitcoin company is @Strike.
The work continues. pic.twitter.com/L70YFYPt11
— Jack Mallers (@jackmallers) July 21, 2026
Zagury arrives with extensive financial services credentials. His career includes senior roles at Goldman Sachs, Deutsche Bank, and Merrill Lynch, followed by co-founding investment banking firm One Partners and Brazilian digital lending platform OpenCo.
Prior to his CEO appointment, he served as an independent board member at Twenty One Capital and interim audit committee chairman.
Contrasting with Mallers’ emphasis on accumulating Bitcoin assets, Zagury is articulating a strategy centered on institutional rigor. He stated that Twenty One “should be measured by the cash flow it generates and the discipline with which it allocates capital.”
Tether’s CEO Paolo Ardoino, a Twenty One board member, expressed appreciation for Mallers’ contributions in establishing the company and navigating its NYSE listing process.
Twenty One Capital maintains custody of 43,514 BTC, positioning it as the second-largest corporate Bitcoin holder after Strategy. At prevailing market rates, the portfolio is valued near $2.9 billion, compared to an acquisition cost basis around $3.69 billion.
XXI stock experienced a nearly 15% decline on July 21, with trading occurring between $4.60 and $5.40. The security has retreated approximately 53% from its 2025 high near $47.
In May 2026, Tether strengthened its ownership position by acquiring SoftBank’s approximately 25% equity stake, which the Japanese conglomerate had initially purchased for $999.3 million.
Under new management, the organization has identified five strategic focus areas: strengthening corporate governance frameworks, developing operational business units, increasing capital markets engagement, pursuing selective acquisitions, and launching a Bitcoin-collateralized lending operation.
The company’s upcoming quarterly results are anticipated in early August, when stakeholders will seek clarity on Elektron negotiations and Zagury’s strategic direction.
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