Jack Mallers has resigned as chief executive of Twenty One Capital, with Raphael Zagury set to take over. The move comes as plans for a combination with Strike have been abandoned.
Jack Mallers is stepping down as CEO of Twenty One Capital to focus on Strike. Raphael Zagury, a board member, will succeed him as the company works toward an orderly handover.
Mallers said the decision followed clarification of his priorities. “My life's work remains Bitcoin. My Bitcoin company is Strike. The work continues,” he wrote. Tether, the controlling shareholder, confirmed the leadership change.
The split ends a strategy Twenty One outlined on April 29 that included possible acquisitions of Strike and Elektron. As of March 31, the company held 43,514 BTC valued at about $2.95 billion along with $114.1 million in cash. Strike will remain independent.
Twenty One stock fell nearly 18 percent following the announcement. Zagury inherits the Bitcoin treasury and a mandate to build cash-generating operations.
