Jack Mallers leaves Twenty One as Strike tie-up ends and Bitcoin treasury pressure builds
Jack Mallers is stepping down as CEO of Twenty One Capital to refocus on Strike, and the planned combination between Twenty One and Strike is being abandoned. Raphael Zagury, a Twenty One board member with capital markets and Bitcoin infrastructure experience, will become CEO. Tether, Twenty One’s controlling shareholder, said the handover will be orderly and that Strike is better suited to remain independent. The shift ends a strategy announced less than three months ago that had included possible acquisitions of Strike and Elektron, though no binding deal was ever approved. Twenty One remains one of the largest corporate Bitcoin holders: as of March 31, it reported 43,514 BTC valued at about $2.95 billion and about $114.1 million in cash, with roughly 16,116 BTC pledged as collateral. Zagury’s mandate is to build cash-generating businesses and allocate capital discipline around the treasury model, a tougher task amid weak Bitcoin prices and tighter financing conditions.
