Jack Mallers leaves Twenty One as Strike tie-up ends and Bitcoin treasury pressure builds
Jack Mallers is stepping down as chief executive of Twenty One Capital to focus on Strike, while Twenty One and the Bitcoin payments company abandon a contemplated combination. Raphael Zagury, a Twenty One board member with experience in capital markets and Bitcoin infrastructure, will take over as CEO. The change puts him in charge of building cash-generating operations around one of the largest corporate Bitcoin treasuries as weaker prices and tighter financing test the wider sector. Mallers said he had decided to step down after the role clarified what he wanted to build. “My lifes work remains Bitcoin. My Bitcoin company is Strike. The work continues,” he wrote. Tether, Twenty Ones controlling shareholder, confirmed that Zagury would succeed Mallers and that the companies were working toward an orderly handover. The Strike combination is no longer on the table The split closes off a strategy Twenty One outlined less than three months ago. On April 29, the company announced an operating plan centered on possible acquisitions of Strike and Elektron, a Bitcoin mining and energy infrastructure business associated with Zagury. The plan was never a completed deal. Twenty Ones March-quarter filing, filed in May, said there were no binding commitments or agreements for either acquisition and that its