Jack Mallers Steps Down as Twenty One CEO as Strike Deal Ends

Jack Mallers is stepping down as chief executive of Twenty One Capital to focus full time on his Bitcoin payments firm, Strike. At the same time, Twenty One and Strike have officially scrapped plans for a potential merger. Strike will remain an independent company, while Twenty One board member Raphael Zagury takes over as chief executive.

Tether, the controlling shareholder of Twenty One, confirmed the transition. Zagury takes over one of the largest corporate Bitcoin treasuries in the crypto sector. Earlier filings showed the company held 43,514 BTC along with over $114 million in cash, though falling prices and collateral requirements on convertible notes have put pressure on the balance sheet.

Twenty One is now shifting its focus toward generating active cash flow through lending, financial products, and capital markets. With tighter market conditions making large corporate Bitcoin treasuries harder to manage, investors will be watching closely to see if Zagury can build sustainable revenue.