Jack Mallers Steps Down as CEO of Twenty One Capital

Twenty One Capital has appointed Raphael Zagury as its new chief executive officer. This leadership transition comes seven months after the firm began trading on the New York Stock Exchange under the ticker XXI. Founder Jack Mallers is stepping down to dedicate his full attention to his payments company, Strike.

Zagury brings extensive experience from traditional finance and the mining sector. He previously held roles at Goldman Sachs, Deutsche Bank, and Merrill Lynch, and he also founded the Bitcoin mining firm Elektron Energy. Under his new leadership, the company plans to move beyond simple Bitcoin holdings. The firm aims to focus on cash flow generation and the development of high quality operating businesses.

The company is a major player in the market, currently holding over 43,500 Bitcoin. While the firm previously explored plans to merge with Strike and Elektron Energy, that deal has been cancelled. Strike will now continue to operate as an independent business. Investors will be watching to see how Zagury implements this shift toward a more traditional institutional operating model.