Jack Mallers stepped down as chief executive of Twenty One Capital effective July 20, 2026. Twenty One's board appointed Raphael Zagury to succeed him, the company said in a press release filed with the SEC on July 211. Mallers founded the Bitcoin treasury company 15 months earlier, in April 2025. He kept running Strike, his bitcoin payments firm, at the same time. “I'm grateful to everyone at XXI and everyone who believed in what we built,” Mallers said in the release.
Four leadership moves at Twenty One Capital on the record since 2025
Every move CryptoLately has verified there, by the day it became public
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Date | Event |
|---|---|
| April 23, 2025 | Mallers became CEO. Jack Mallers was named Chief Executive Officer of Twenty One Capital |
| June 8, 2026 | Lalljie joined the board. Paul S. Lalljie joined the board of Twenty One Capital |
| July 20, 2026 | Mallers left as CEO. Jack Mallers left as Chief Executive Officer of Twenty One Capital |
| July 20, 2026 | Zagury became CEO. Raphael Zagury was named Chief Executive Officer of Twenty One Capital |
18 CEO exits on the record in 2026 so far
CEO exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2026: 18
- 2019, 2020, 2021, 2022, 2023, 2024, 2025
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 7 |
| 2020 | 9 |
| 2021 | 5 |
| 2022 | 18 |
| 2023 | 11 |
| 2024 | 20 |
| 2025 | 20 |
| 2026 | 18 |
The move
Twenty One's release said Zagury would succeed Mallers, “who is stepping down to focus on Strike during its next phase of growth.” It added that the two men were "working together to ensure an orderly transition"1. CoinDesk reported on July 21, 2026, that the exit followed the collapse of a three-way merger. Tether had proposed it in April 2026, combining Twenty One, Strike and the bitcoin mining company Elektron Energy under one listed entity2. Strike would stay independent and drop out of the deal, CoinDesk wrote, citing the press release. Mallers gave CoinDesk a more direct account of why he left. “Over time, it became clear that the board and I did not agree on [my] vision,” he said in a statement.
Paolo Ardoino, Tether's chief executive and a Twenty One board member, thanked Mallers in the same release. “I would like to thank Jack for his vision and leadership in founding Twenty One Capital, and for guiding the Company through its business combination and successful listing on the New York Stock Exchange in December 2025,” Ardoino said1.
Twenty One before and after
Mallers had led Twenty One since its April 23, 2025 launch. He kept his seat as founder and chief executive of Strike through the entire stretch. Twenty One listed five "refreshed strategic priorities" for Zagury's tenure. The priorities cover governance, operating businesses modeled on Berkshire Hathaway, capital markets work, a bitcoin-measured acquisition framework, and new lending products1. CoinDesk reported that Twenty One was weighing a two-way combination with Elektron Energy alone, now that Strike had dropped out2.
What to watch
Zagury's own words set the standard the next quarter will test. “My job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution,” he said in the release1. Watch whether Twenty One completes a deal with Elektron Energy, and whether Strike's split from the merger changes how either company reports its bitcoin holdings.
Sources
- Twenty One Capital, "Twenty One Capital Appoints Raphael Zagury as Chief Executive Officer," SEC EX-99.1, July 21, 2026, https://www.sec.gov/Archives/edgar/data/2070457/000121390026079805/ea029862901ex99-1.htm
- Francisco Rodrigues, "Twenty One Capital CEO steps down as Tether's plans to merge three bitcoin firms falls," CoinDesk, July 21, 2026, https://www.coindesk.com/business/2026/07/21/jack-mallers-steps-down-as-xxi-capital-ceo-as-tether-s-plans-to-merge-three-bitcoin-firms-falls