Jack Mallers Leaves Twenty One After Massive Stock Decline

Jack Mallers says he left Twenty One Capital voluntarily with no severance. However, filing details show he collected over $2.2 million in total compensation during his tenure. This includes a final cash payout of more than $1.6 million for his vested shares and a stock repurchase agreement. Common shareholders watched their investments drop significantly while leadership collected heavy payouts.

Twenty One went public in 2025 through a reverse merger backed by Tether and Bitfinex. Mallers promised to build profitable business operations and even compared the company goals to Coinbase. Despite these grand promises, the firm failed to launch its planned business lines and operated mostly as a basic bitcoin treasury stock. A planned merger with his payments app Strike also collapsed before completion.

The board handed leadership over to Raphael Zagury, an executive tied to bitcoin miner Elektron and the Tether network. The company now plans to focus directly on cash flow generation. Meanwhile, Mallers returns to his work at Strike after leaving behind a troubled run at Twenty One.