Jack Mallers exits Twenty One Capital; Raphael Zagury named CEO

Jack Mallers resigned as chief executive of Twenty One Capital effective July 20. The company’s board appointed director Raphael Zagury as CEO and said the two are managing the handoff together. Twenty One disclosed it holds 43,514 bitcoin, valued at roughly $2.9 billion, with a reported cost basis near $3.69 billion.

Mallers posted on X that he had decided to step down and that he will return to lead Strike full time. In company materials, Mallers thanked staff and investors for their support during the firm’s launch and growth.

The leadership change followed the collapse of a proposed three-way combination among Twenty One, Strike and Elektron Energy, a bitcoin mining company founded by Zagury. The plan, first proposed on April 29, 2026, ended with Strike remaining independent. Twenty One said a potential transaction with Elektron remains under review but would need approval as a related-person transaction under Texas law because of Zagury’s connections to both firms.

Raphael Zagury has held roles at Goldman Sachs, Deutsche Bank and Merrill Lynch and co-founded One Partners and Brazilian fintech lender OpenCo. He served as an independent director at Twenty One and as interim chair of its audit committee. Upon taking the CEO post, Zagury said his priority is to build an operating company around the firm’s bitcoin balance sheet “with the discipline, governance, and executional rigor of an institution.”

In its announcement the company outlined five strategic priorities: strengthen corporate governance, build operating businesses, expand capital markets activity, pursue disciplined acquisitions and develop a bitcoin-backed lending platform. The firm holds the second-largest corporate bitcoin treasury among public companies.

Twenty One reported its stock fell on July 21, trading in a roughly $4.60 to $5.40 range intraday. The share price remains well below the roughly $47 peak reached in 2025, a decline of about 53% from that high, with around 45% of the drop occurring over the past six months. The company said its next earnings report is expected in early August, when it will provide updates on discussions with Elektron and on plans to generate operating cash flow beyond holding bitcoin on its balance sheet.

Paolo Ardoino, a member of Twenty One’s board, wrote that he thanked Mallers for founding the company and guiding it to the NYSE listing in December 2025 and welcomed Zagury’s focus on institutional governance. Mallers led the firm through a business combination with Cantor Equity Partners that produced the public listing in December 2025.