Ninety thousand subscribers found out Tuesday what the bitcoin world didn't expect: Jack Mallers is out at Twenty One Capital, the Tether-backed bitcoin treasury firm he founded. Board member Raphael Zagury steps in as the new CEO, while Mallers heads back full-time to Strike, his bitcoin payments company.
Mallers announced the move on X, keeping it brief. "My life's work remains Bitcoin. My Bitcoin company is @Strike. The work continues." He called the decision difficult but "the right one," adding that running Twenty One gave him "tremendous clarity about who I am and what I want to build."
Twenty One Capital, which trades under the ticker $XXI, was built to be one of the largest bitcoin treasury vehicles on the market, pitched as a direct rival to Michael Saylor's Strategy. Mallers had been running it in parallel with Strike, splitting his time between the two. That arrangement is now over, and Strike is no longer being considered for any business combination with Twenty One.
Zagury moves from board seat to corner office with no stated transition period. Mallers gave no financial reason for the exit beyond the pull of Strike.
This article is for informational purposes only and does not constitute financial advice.
