Jack Mallers Steps Down as CEO of Twenty One Capital

Board member Raphael Zagury takes over the Tether-backed bitcoin treasury company, and Strike is no longer under consideration for a business combination.

Jack Mallers said he is stepping down as CEO of Twenty One Capital, the Tether-backed bitcoin treasury company he founded, to focus on his payments firm Strike.

"I've decided to step down as CEO of Twenty One," Mallers wrote on X on Tuesday. "My life's work remains Bitcoin. My Bitcoin company is @Strike. The work continues."

Twenty One Capital, which trades under the ticker $XXI, is naming Raphael Zagury as CEO to succeed Mallers. Mallers is returning to Strike full-time.

Twenty One Capital was assembled as one of the largest bitcoin treasury vehicles, positioned against Michael Saylor's Strategy. Mallers founded the company and had run it alongside Strike, the bitcoin payments company he leads.

Mallers did not state a reason for the departure beyond wanting to concentrate on Strike. He described the decision as difficult but "the right one" and said the experience "brought tremendous clarity about who I am and what I want to build.”