Jack Mallers stepped down as CEO of Twenty One Capital, the treasury firm backed by Tether, to return to his own company, Strike. In a message posted on X, Mallers explained that differences with the board over the company's future prompted his departure. He noted the split was friendly, with no bad faith involved.
Following Mallers' exit, Twenty One Capital announced that Raphael Zagury, CEO of Bitcoin miner Elektron Energy and a current board member, would take over as CEO starting July 20. Zagury and Mallers are cooperating to ensure a smooth leadership transition.
Breakup of the Three-Way Merger Plan
The CEO change coincided with the unraveling of a proposed merger involving Strike, Elektron Energy, and Twenty One Capital. Strike has withdrawn from the merger talks with Tether Investments, meaning it will remain independent. Meanwhile, a merger between Twenty One and Elektron Energy remains under consideration but is only in early stages and no deal is guaranteed.
Revised Strategy Focused on Operations and Capital Discipline
Twenty One Capital outlined a new strategy emphasizing operational businesses, careful capital management, and Bitcoin-backed lending. Zagury detailed his approach: "My job is to build the operating company around it, with discipline, governance, and executional rigor like an institution." He added that focusing on cash flow and smart capital allocation in addition to holding Bitcoin is key to the company's future performance.
This information is provided for educational purposes and does not constitute financial advice.
