Jack Mallers Steps Down as Twenty One Capital CEO; XXI Shares Fall 14% to $4.54 on July 20

STRIKE-6.11%
On July 20, 2026, Jack Mallers stepped down as CEO of Twenty One Capital to focus full-time on Strike, his bitcoin payments company, according to The Block. Raphael Zagury, a former Goldman Sachs and Deutsche Bank executive, was appointed as the new CEO effective immediately. The leadership change coincided with the collapse of a proposed three-way merger involving Twenty One, Strike, and bitcoin miner Elektron Energy; Strike will now remain standalone. A potential two-way combination between Twenty One and Elektron Energy remains under preliminary evaluation as a related-party transaction. XXI shares fell over 14% to $4.54 following the announcement, reflecting market concerns over the loss of the broader merger optionality.
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