{"id":75720,"date":"2026-07-21T16:15:54","date_gmt":"2026-07-21T16:15:54","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/jack-mallers-exits-twenty-one-capital-as-2-9b-bitcoin-treasury-gets-new-leadership\/"},"modified":"2026-07-21T16:15:54","modified_gmt":"2026-07-21T16:15:54","slug":"jack-mallers-exits-twenty-one-capital-as-2-9b-bitcoin-treasury-gets-new-leadership","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/jack-mallers-exits-twenty-one-capital-as-2-9b-bitcoin-treasury-gets-new-leadership\/","title":{"rendered":"Jack Mallers Exits Twenty One Capital as $2.9B Bitcoin Treasury Gets New Leadership"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Jack Mallers stepped down as Twenty One Capital CEO on July 20, returning full time to Strike.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Raphael Zagury now leads Twenty One Capital, which holds 43,514 BTC worth roughly $2.9 billion.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">XXI shares fell on July 21 as the Strike merger plan collapsed and Elektron talks continue.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p>Mallers co-founded Twenty One Capital and led the company through its December 2025 debut on the New York Stock Exchange (NYSE) via a merger with <a href=\"https:\/\/news.bitcoin.com\/securitize-cantor-tokenized-ipo-framework-could-change-how-public-companies-issue-stock\/\">Cantor Equity Partners<\/a>. He and the company built the firm around a large bitcoin treasury and framed it as a bitcoin native alternative to traditional corporate structures.<\/p>\n<p>\u201cI\u2019ve decided to step down as CEO of Twenty One,\u201d Mallers <a href=\"https:\/\/x.com\/jackmallers\/status\/2079543739815497742?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">wrote on the social media platform X<\/a>. \u201cMy life\u2019s work remains bitcoin. My bitcoin company is Strike. The work continues.\u201d<\/p>\n<h2>Mallers Returns Full Time to Strike<\/h2>\n<p>Mallers is returning full-time to Strike, the bitcoin payments company he leads. He and Zagury are working together on the handoff. \u201cI\u2019m grateful to everyone at XXI and everyone who believed in what we built,\u201d Mallers disclosed.<\/p>\n<h2>Three-Way Merger Falls Apart<\/h2>\n<p>The leadership change came alongside the collapse of a proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy, the bitcoin mining firm Zagury founded. Twenty One first raised the idea of combining the three companies on April 29, 2026. Strike will now remain independent. A possible combination with Elektron is still under review, though the company said any such deal would need approval as a related person transaction under Texas law, given Zagury\u2019s ties to both firms.<\/p>\n<h2>Who Is Raphael Zagury<\/h2>\n<p>Zagury spent years on Wall Street, holding roles at Goldman Sachs, Deutsche Bank, and Merrill Lynch before co-founding investment bank One Partners and Brazilian fintech lender OpenCo. He had already served as an independent director at Twenty One Capital and as interim chair of its audit committee.<\/p>\n<p>\u201cMy job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution,\u201d Zagury said, referring to the company\u2019s bitcoin balance sheet.<\/p>\n<p>\u201cOn behalf of the Board of Directors, I would like to thank Jack for his vision and leadership in founding Twenty One Capital, and for guiding the Company through its business combination and successful listing on the New York Stock Exchange in December 2025,\u201d Tether\u2019s CEO <a href=\"https:\/\/news.bitcoin.com\/tether-usdt-30-million-wallets-quarter-ardoino\/\">Paolo Ardoino<\/a>, who sits on Twenty One\u2019s board, wrote on Tuesday.<\/p>\n<h2>The Bitcoin Treasury and New Priorities<\/h2>\n<p>Twenty One Capital holds 43,514 BTC, the second-largest corporate bitcoin treasury behind Strategy. At current prices, the holding is worth close to $2.9 billion, against a cost basis near $3.69 billion.<\/p>\n<figure id=\"attachment_832907\" aria-describedby=\"caption-attachment-832907\" style=\"width:992px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-832907\" class=\"wp-caption-text\">Twenty One Capital is the second-largest public company in terms of BTC on its balance sheet under Strategy. Image source: bitcointreasuries.net<\/figcaption><\/figure>\n<p>The company <a href=\"https:\/\/www.businesswire.com\/news\/home\/20260721580128\/en\/Twenty-One-Capital-Appoints-Raphael-Zagury-as-Chief-Executive-Officer\" target=\"_blank\" rel=\"noopener noreferrer\">disclosed in its announcement<\/a> that it will focus on five priorities going forward: corporate governance, building operating businesses, expanding capital markets activity, disciplined acquisitions, and a bitcoin-backed lending platform.<\/p>\n<h2>Stock Reaction and What Comes Next<\/h2>\n<p>Shares of XXI (NYSE: XXI) fell on July 21 following the news, trading in the $4.60 to $5.40 range intraday. The stock has traded well below its 2025 peak of around $47 and remains highly tied to bitcoin\u2019s price and to investor sentiment toward treasury companies that hold bitcoin without generating much operating cash flow. Shares are down 53% from the peak, and around 45% of those losses came from the past six months.<\/p>\n<p>The company\u2019s next earnings report is expected in early August, when investors will look for more details on the Elektron discussions and on how Zagury plans to turn a bitcoin treasury into a cash-generating business.<\/p>\n<p> <!-- --><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/jack-mallers-exits-twenty-one-capital-as-2-9b-bitcoin-treasury-gets-new-leadership\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Jack Mallers stepped down as Twenty One Capital CEO on July 20, returning full time to Strike. Raphael Zagury now leads Twenty One Capital, which holds 43,514 BTC worth roughly $2.9 billion. XXI shares fell on July 21 as the Strike merger plan collapsed and Elektron [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":75721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/75720"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=75720"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/75720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/75721"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=75720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=75720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=75720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}