Jack Mallers steps down as XXI Capital CEO as Tether's plans to merge three bitcoin firms falls
CoinDesk 2026-07-21 12:42:29
Context: Jack Mallers has stepped down as CEO of Twenty One Capital (XXI), a company controlled by Tether, and will focus on his bitcoin financial services firm, Strike. The move comes after a proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy was abandoned, with Strike no longer participating. Raphael Zagury has been appointed as the new CEO of Twenty One Capital.
Key Facts
- Jack Mallers stepped down as CEO of Twenty One Capital (XXI) effective July 20 to focus on his bitcoin payments firm, Strike, which he founded.
- Twenty One Capital has appointed Raphael Zagury as its new CEO, replacing Jack Mallers, and has dropped Strike from a proposed three-way merger with Elektron Energy.
- The proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy, which was announced in April, has been abandoned, with Strike no longer participating.
- Twenty One Capital is now considering a potential two-way combination with Elektron Energy as it revises its corporate strategy to focus on acquiring operating businesses, expanding capital markets capabilities, and developing bitcoin-backed lending.
- Tether, the controlling shareholder of Twenty One Capital, confirmed the changes in a separate announcement, and XXI's stock price remained little changed in pre-market trading.