Jack Mallers stepped down as CEO of Twenty One Capital on July 20, handing over leadership to board director Raphael Zagury. The company manages a significant bitcoin treasury totaling 43,514 BTC, valued around $2.9 billion. Mallers will focus full time on Strike, the bitcoin payments firm he founded.
Twenty One Capital rose to prominence after its December 2025 listing on the New York Stock Exchange via a merger with Cantor Equity Partners. Mallers co-founded the firm and positioned it as a bitcoin-native alternative to traditional corporations.
On social media platform X, Mallers stated, “My life’s work remains bitcoin. My bitcoin company is Strike. The work continues.” He is collaborating with Zagury on the transition to ensure a smooth handoff.
Leadership Change and Merger Collapse
The CEO transition coincides with the collapse of a proposed three-way merger involving Twenty One Capital, Strike, and Elektron Energy, a bitcoin mining company founded by Zagury. The merger idea was first introduced on April 29, 2026. Strike will continue operating independently. Any potential merger with Elektron remains under review but requires approval under Texas law due to Zagury’s ties to both firms.
Raphael Zagury’s Background and Vision
Zagury brings Wall Street experience from Goldman Sachs, Deutsche Bank, and Merrill Lynch. He co-founded investment bank One Partners and Brazilian fintech OpenCo. Prior to his new role, Zagury was an independent director at Twenty One Capital and interim chair of its audit committee.
He emphasized the need to build Twenty One Capital with institutional discipline and strong governance, focusing on operational execution around the company’s extensive bitcoin holdings.
Paolo Ardoino, Tether’s CEO and Twenty One board member, praised Mallers for his vision in founding and leading the company through its public listing.
Bitcoin Treasury and Market Impact
With 43,514 BTC, Twenty One Capital holds the second-largest corporate bitcoin reserve after Strategy. Valued near $2.9 billion at current prices, the treasury remains a major asset for the firm’s strategy and market positioning.
Following news of the leadership change and the merger falling apart, Twenty One Capital’s shares declined on July 21, while discussions with Elektron Energy continue.
This article is for informational purposes and does not constitute financial advice.
