Jack Mallers Resigns as Twenty One Capital CEO; Tether's Bitcoin Merger Collapses, XXI Shares Fall 18%

BTC1.38%
STRIKE-6.35%

Jack Mallers has stepped down as CEO of Twenty One Capital today (July 21) as Tether's plan to merge the Bitcoin treasury firm with Strike and Elektron Energy collapses, according to the company's official announcement. Twenty One shares fell nearly 18% on Tuesday, extending an 80% decline from last year's highs.

Raphael Zagury, founder of Elektron Energy and former Deutsche Bank managing director, has been named new CEO. Twenty One holds 43,514 BTC, worth over $4 billion, making it the second-largest publicly listed Bitcoin holder. Mallers announced on X that he is returning to lead Strike, his Bitcoin payments platform, which will remain independent.

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