On July 21, 2026, Bitcoin treasury Twenty One Capital announced a leadership change as Raphael Zagury took over as CEO.
Zagury replaced founder Jack Mallers, who stepped down to concentrate on his Bitcoin payments company, Strike.
Mallers expressed gratitude towards the team at Twenty One and affirmed his commitment to Bitcoin through Strike, stating, “Serving Bitcoiners has always been the mission, and that doesn’t change.”
Headquartered in Austin, Texas, Twenty One Capital trades under the ticker "XXI" on the New York Stock Exchange and plans to focus on becoming an institutional-grade operating company.
The company aims to be evaluated on its cash flow generation and capital allocation discipline, rather than solely on its Bitcoin holdings.
Zagury outlined his plans to develop Twenty One into an operating company with strong governance and execution rigor, emphasizing disciplined capital allocation alongside Bitcoin asset management.
Twenty One Capital holds 43,514 Bitcoin, valued at approximately $2.8 billion, making it the second largest public Bitcoin treasury according to Bitcointreasuries.net.
The firm resulted from a collaboration involving Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, and it entered the public market via a SPAC merger with Cantor Equity Partners last year.
Mallers highlighted that XXI was created by Bitcoiners for Bitcoiners and reflected on his tenure defining a vision for a Bitcoin-native financial enterprise as he transitions fully to Strike.
Raphael Zagury previously founded and leads Elektron Energy, a significant Bitcoin mining and infrastructure company.
Before this role, Zagury held managerial positions, bringing experience from both the traditional finance and crypto sectors.
This material is for informational purposes only and does not constitute financial advice.
