Jack Mallers Steps Down as Twenty One Capital CEO, Replaced by Raphael Zagury

Jul 21, 2026

Jack Mallers stepped down as CEO of Twenty One Capital effective July 20, 2026, to focus full-time on Strike, and the board appointed director Raphael Zagury as his successor. Twenty One and Strike determined that Strike would remain an independent business and would no longer be considered for a combination, while a possible combination with Elektron Energy remains at a preliminary evaluation stage. Twenty One also announced refreshed priorities covering corporate governance, operating businesses, capital markets, disciplined acquisitions, and a bitcoin-native lending and credit platform. Bitcoin.com and Crypto Briefing reported that the company held 43,514 BTC worth approximately $2.9 billion at the time of publication.

Jack Mallers CEO departure

▪Jack Mallers is returning full-time to focus on Strike, the bitcoin payments company he founded.
▪Jack Mallers led Twenty One Capital through its December 2025 public listing on the New York Stock Exchange via a merger with Cantor Equity Partners.
▪Jack Mallers stepped down as chief executive officer of Twenty One Capital effective July 20, 2026.

Raphael Zagury appointment

▪Raphael Zagury resigned from Twenty One Capital's audit, compensation, and nominating committees effective July 15, 2026, but continues to serve as a board director.
▪The Board of Directors of Twenty One Capital appointed director Raphael Zagury as the new chief executive officer to succeed Jack Mallers.

Zagury Wall Street background

▪Raphael Zagury previously worked on Wall Street, holding roles including Managing Director at Deutsche Bank and Merrill Lynch, and Vice President at Goldman Sachs.
▪Raphael Zagury co-founded the boutique investment bank One Partners and the Brazilian fintech lender OpenCo, where he served as chief financial officer.

Refreshed strategic priorities

▪Twenty One Capital's refreshed strategy focuses on five priorities: corporate governance, operating businesses, capital markets, disciplined acquisitions, and a bitcoin-backed lending platform.
▪Bitcoin.com and Crypto Briefing reported that Twenty One Capital held 43,514 BTC, representing one of the largest corporate bitcoin treasuries in public markets and worth approximately $2.9 billion at the time of publication.

Strike standalone decision

▪The abandoned three-way merger proposal, originally announced on April 29, 2026, sought to combine Twenty One Capital, Strike, and Elektron Energy.
▪Twenty One Capital and Strike abandoned their proposed combination, determining that Strike will remain an independent, standalone business.

Elektron Energy acquisition evaluation

▪Twenty One Capital said that, if it pursues an acquisition of Elektron Energy, the transaction would be treated as a related-person transaction subject to review and approval under the company's related-person transaction policy and applicable Texas law. The proposal remains preliminary, with no assurance that an agreement will be signed, approved, or completed.
▪Twenty One Capital is continuing to evaluate a proposed combination with Elektron Energy, a bitcoin mining and infrastructure firm founded and led by Raphael Zagury.