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BTC Jack Mallers resigns as CEO of Twenty One Capital, Raphael Zagury takes over
Jack Mallers has resigned as CEO and director of Twenty One Capital, leaving seven months after the Tether-backed bitcoin company went public on the New York Stock Exchange. Board member Raphael Zagury took over as CEO on July 20. Company leadership announced that Maller will turn his focus back to Strike, the Bitcoin payment company he founded, and work with Zagury to complete the transition.
Twenty One also removed Strike from a proposed business merger that was originally planned to include payments companies and bitcoin miner Elektron Energy in the same listed entity. Tether previously promoted the three-company joint Bitcoin platform, covering money management, payments, mining and financial services. Maller said he had differences with the board on how to build an operating business around the company's Bitcoin holdings. Twenty One's regulatory filings said his departure was not related to differences in operations, financial policy, accounting, disclosure or legal matters.
The separation agreement includes a vested equity payment.
Maller said he resigned voluntarily, did not receive any severance pay, and gave up options worth millions of dollars. Terms of departure include his final monthly salary of $50,000,$420,455 in restricted stock units, and $1.15 million paid by the company to repurchase 226,860 shares. He will retain 1.52 million vested stock options, which can be exercised within 90 days. All unvested options and restricted stock units were confiscated without compensation.
Zagury will receive an annual salary of US$600,000 and receive a performance bonus of up to US$700,000. He worked at Goldman Sachs, Merrill Lynch and Deutsche Bank before founding investment bank One Partners and fintech lender OpenCo. He is also responsible for leading the Elektron Energy team.
Twenty One's governance reforms come at a time when the funder-led crypto company is facing further pressure. MVMT Labs recently filed for bankruptcy under Chapter 11 after a token market dispute and the removal of co-founder Rushi Manche, with debts of up to US$10 million.
Zagury targets cash flow and bitcoin lending business
Zagury's strategy will prioritize institutional governance, operating company acquisitions, capital market products and a bitcoin-based lending platform. The proposed acquisition will be measured based on Bitcoin returns, while operating businesses are expected to generate cash flow without selling underlying treasury assets.
Twenty One is still evaluating a merger with Elektron Energy, but has not yet signed a final agreement. Any transaction requires related party review, as Zagury is also responsible for Elektron's operations.
The company holds 43,514 bitcoins worth approximately US$2.89 billion, and the current bitcoin price is approximately US$66,300. The position remains unchanged, while larger rival Strategy maintains capital through stock offerings, including a recent $263.5 million share sale. XXI shares fell 7.6% to $4.92 on Tuesday, after hitting an intraday low of $4.29. The stock's trading price is down approximately 92% from its SPAC-era peak of $59.75 in April 2025.
