Jack Mallers Exits Twenty One Capital as $2.9B Bitcoin Treasury Gets New Leadership

Mallers co-founded Twenty One Capital and led the institution done its December 2025 debut connected the New York Stock Exchange (NYSE) via a merger with Cantor Equity Partners. He and the institution built the steadfast astir a ample bitcoin treasury and framed it arsenic a bitcoin autochthonal alternate to accepted firm structures.

“I’ve decided to measurement down arsenic CEO of Twenty One,” Mallers wrote connected the societal media level X. “My life’s enactment remains bitcoin. My bitcoin institution is Strike. The enactment continues.”

Mallers Returns Full Time to Strike

Mallers is returning full-time to Strike, the bitcoin payments institution helium leads. He and Zagury are moving unneurotic connected the handoff. “I’m grateful to everyone astatine XXI and everyone who believed successful what we built,” Mallers disclosed.

Three-Way Merger Falls Apart

The enactment alteration came alongside the illness of a projected three-way merger betwixt Twenty One Capital, Strike, and Elektron Energy, the bitcoin mining steadfast Zagury founded. Twenty One archetypal raised the thought of combining the 3 companies connected April 29, 2026. Strike volition present stay independent. A imaginable operation with Elektron is inactive nether review, though the institution said immoderate specified woody would request support arsenic a related idiosyncratic transaction nether Texas law, fixed Zagury’s ties to some firms.

Who Is Raphael Zagury

Zagury spent years connected Wall Street, holding roles astatine Goldman Sachs, Deutsche Bank, and Merrill Lynch earlier co-founding concern slope One Partners and Brazilian fintech lender OpenCo. He had already served arsenic an autarkic manager astatine Twenty One Capital and arsenic interim seat of its audit committee.

“My occupation is to physique the operating institution astir it, with the discipline, governance, and executional rigor of an institution,” Zagury said, referring to the company’s bitcoin equilibrium sheet.

“On behalf of the Board of Directors, I would similar to convey Jack for his imaginativeness and enactment successful founding Twenty One Capital, and for guiding the Company done its concern operation and palmy listing connected the New York Stock Exchange successful December 2025,” Tether’s CEO Paolo Ardoino, who sits connected Twenty One’s board, wrote connected Tuesday.

The Bitcoin Treasury and New Priorities

Twenty One Capital holds 43,514 BTC, the second-largest firm bitcoin treasury down Strategy. At existent prices, the holding is worthy adjacent to $2.9 billion, against a outgo ground adjacent $3.69 billion.

Twenty One Capital is the second-largest nationalist institution successful presumption of BTC connected its equilibrium expanse nether Strategy. Image source: bitcointreasuries.net

The institution disclosed successful its announcement that it volition absorption connected 5 priorities going forward: firm governance, gathering operating businesses, expanding superior markets activity, disciplined acquisitions, and a bitcoin-backed lending platform.

Stock Reaction and What Comes Next

Shares of XXI (NYSE: XXI) fell connected July 21 pursuing the news, trading successful the $4.60 to $5.40 scope intraday. The banal has traded good beneath its 2025 highest of astir $47 and remains highly tied to bitcoin’s terms and to capitalist sentiment toward treasury companies that clasp bitcoin without generating overmuch operating currency flow. Shares are down 53% from the peak, and astir 45% of those losses came from the past six months.

The company’s adjacent net study is expected successful aboriginal August, erstwhile investors volition look for much details connected the Elektron discussions and connected however Zagury plans to crook a bitcoin treasury into a cash-generating business.