Jack Mallers Quits Twenty One Capital as Tether's Bitcoin Merger Collapses
Summary
Jack Mallers has stepped down as CEO of Twenty One Capital, and the stock fell nearly 15% after the announcement. Twenty One is a Bitcoin treasury company that holds 43,514 BTC, worth over $4 billion, making it the second-largest public Bitcoin holder after Strategy. The leadership change comes as Tether’s plan to combine Twenty One, Strike, and Elektron Energy into a single listed Bitcoin company has collapsed. Strike will remain separate, while Twenty One and Elektron may still explore a narrower deal. Raphael Zagury, founder of Elektron Energy, has replaced Mallers as CEO. Zagury says Twenty One should be judged by cash flow and capital discipline, signaling a shift away from Mallers’ aggressive Bitcoin-accumulation strategy.
