Jack Mallers Steps Down as CEO of $2.8B Bitcoin Treasury Twenty One Capital

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Jack Mallers, founder of Bitcoin treasury Twenty One Capital (XXI), is stepping down as CEO to focus on his Bitcoin payments company Strike, with Raphael Zagury named as his successor. The leadership change arrives seven months after XXI listed on the New York Stock Exchange in late 2025. Twenty One, which holds 43,514 BTC valued at approximately $2.8 billion, is the second-largest public Bitcoin treasury. The company said it will shift its strategic focus toward becoming an institutional-grade operating business focused on cash flow generation and capital allocation discipline, modeling itself after Berkshire Hathaway. The transition also reflects a scrapped merger plan: in April, Twenty One had floated consolidating itself, Strike, and Elektron Energy (a Bitcoin mining firm) into a single platform, but the deal has been abandoned with Strike remaining standalone.
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