Jack Mallers left Twenty One Capital voluntarily and received over $1.6 million in cash as part of his exit package, despite the company's stock falling 91% during his leadership. According to his statement, Mallers claimed he departed without severance and forfeited his unvested options.
Separation Pay and Stock Details
Mallers' final salary payment was $50,000, which he described as too small to count as severance. also Twenty One paid him $420,455 for vested restricted shares and $1,151,046 in cash to repurchase 226,860 shares at $5.23 each. This cash payment alone exceeded $1.6 million. The repurchase price was above the current market price, which has fallen below $5 per share.
Though Mallers stated he gave up his options, the company canceled only his unvested options and restricted stock. He retained 1,522,407 vested options with a strike price of $14.43, which are currently out-of-the-money due to the share price slide. These vested options were already worthless before his departure.
Performance and Compensation Background
Twenty One went public in 2025 through a reverse merger with Cantor Equity Partners, controlled by families linked to US Commerce Secretary Howard Lutnick. Tether and Bitfinex provided Bitcoin and voting control, while Mallers acted as the public face.
During 2025, Mallers earned $667,898 in compensation, including a $236,250 bonus and $431,648 in consulting fees processed through a Twenty One entity. He also received a large stock options award of 12 million shares, most of which expired worthless as the share price declined far below his $14.43 strike price. The company's stock has fallen by 84% recently, deepening investor losses under Mallers’ tenure.
Despite his large personal earnings and seven-figure exit package, Mallers’ social media posts omitted any mention of the multimillion-dollar payments linked to his resignation. His leadership failed to prevent the eroding value of common shareholders' investments.
The article is informational and does not constitute financial advice.
