Jack Mallers Leaves Twenty One CEO Role on July 20; Strike Exits Tether's Three-Way Merger

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According to The Block, Jack Mallers stepped down as CEO of Twenty One Capital on July 20, replaced by Raphael Zagury, as the company exits a proposed three-way merger with Strike and Elektron Energy. Mallers, who founded the NYSE-listed treasury firm in April 2025 with backing from Tether, SoftBank, and Cantor Fitzgerald, will focus on his bitcoin payments company Strike. Tether had proposed combining Strike into Twenty One, then merging with Elektron Energy, a bitcoin mining firm led by Zagury. The company confirmed Strike will remain standalone and is no longer part of the merger plan. Any combination with Elektron remains under evaluation. Following the announcement, XXI shares fell 14% to $4.54.
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