- Jack Mallers has stepped down as CEO of Twenty One Capital (XXI) to focus solely on the expansion of Strike, the bitcoin payments platform he founded.
- Twenty One Capital’s new CEO, Raphael Zagury, will oversee the business’s upcoming expansion.
- The proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy has been formally shelved by Tether.
Jack Mallers has resigned as CEO of Twenty One Capital (XXI), signaling a significant leadership transition as Tether abandons its proposed three-way merger with Strike and Elektron Energy.
The change, which takes effect on July 20, occurs as Twenty One Capital focuses on growing its bitcoin-focused financial services business and improves its long-term strategy. Mallers will focus entirely on Strike, the bitcoin payment network he founded, while Raphael Zagury has been named the company’s new CEO.
I’ve decided to step down as CEO of Twenty One.
This wasn’t an easy decision, but it was the right one. This experience brought tremendous clarity about who I am and what I want to build.
My life’s work remains Bitcoin. My Bitcoin company is @Strike.
The work continues. pic.twitter.com/L70YFYPt11
— Jack Mallers (@jackmallers) July 21, 2026
The announcement reaffirms that Strike will continue to operate independently and will no longer be a part of the previously planned merger with Elektron Energy and Twenty One Capital.
The initial idea, which was presented earlier this year, sought to merge payment services, bitcoin mining activities, and treasury administration into a single publicly traded company.
Twenty One Capital Shifts Focus To Bitcoin-backed Lending
Twenty One Capital will put more emphasis on extending bitcoin-backed loan services, bolstering its capital markets skills, and purchasing functioning businesses. This strategy, according to the company, will put it in a better position to profit from the increasing institutional interest in financial products based on bitcoin.
The strategic update and change in leadership were also verified by Twenty One Capital’s dominant shareholder, Tether. The company restated its commitment to developing infrastructure that enables wider use of bitcoin and financial innovation, even though it has opted not to proceed with the three-company merger.
Raphael Zagury Leads Twenty One Capital’s Next Chapter
Mallers explained his choice as a chance to fully concentrate on Strike’s next stage of development. He has established Strike as one of the top bitcoin payment platforms since its founding, providing quick and affordable transactions enabled by the Lightning Network. Mallers may focus on growing Strike’s goods and global presence by leaving Twenty One Capital.
Raphael Zagury’s hiring marks the start of a new era for Twenty One Capital. The company is anticipated to explore strategic acquisitions and create bitcoin-backed financial products under his direction, which reflects a rising trend among digital asset companies looking for long-term, sustainable business models outside of mining and trading.
Industry observers see the merger cancellation as a strategic realignment rather than a setback, despite the fact that it deviates from Tether’s original plan. Businesses are improving their business models more and more as the bitcoin industry develops in order to adapt to changing investor demand and market conditions.
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