- Twenty One Capital appointed Raphael Zagury as CEO while Jack Mallers stepped down to focus on Strike.
- Merger plans with Strike were abandoned as both companies pursue independent strategies and operations.
- Leadership shift positions Twenty One for a deeper Bitcoin mining and energy infrastructure focus ahead.
Twenty One Capital, Inc. (“Twenty One” or “XXI”) (NYSE: XXI) has appointed Raphael Zagury as Chief Executive Officer (CEO) as the Bitcoin (BTC) treasury company accelerates its transformation into a Bitcoin-native operating company. Mr. Zagury succeeds Jack Mallers, who is stepping down to focus on expanding Strike, ending prior merger discussions between the two companies.
Twenty One Capital Appoints Raphael Zagury as CEO
On July 21, 2026, Twenty One Capital announced that its Board of Directors appointed Mr. Zagury as CEO effective July 20, 2026, succeeding Jack Mallers. Zagury served as an independent director on Twenty One Capital’s board since late 2025, and previously as interim chair of the audit committee.
Raphael Zagury is the founder and CEO of Elektron Energy, and previously served as Chief Investment Officer at Swan Bitcoin. He has held senior positions at Goldman Sachs, Deutsche Bank, and Merrill Lynch, and leadership positions at One Partners and OpenCo.
Twenty One and Strike Pursue Independent Growth Strategies
Paolo Ardoino, CEO of Tether and a Twenty One Board member, thanked Jack Mallers for founding the company and leading it through its 2025 business combination and NYSE listing. The announcement also confirmed that plans to combine with Strike have been abandoned.
The proposed restructuring, unveiled in April 2026, envisioned integrating Twenty One Capital’s BTC treasury, Strike’s payments platform, and Elektron Energy’s mining and infrastructure operations into a single Bitcoin-native platform. Strike will continue expanding BTC’s real-world utility through payments, global remittances, financial services, and adoption tools for individuals and businesses.
Meanwhile, Twenty One Capital, holding approximately 43,514 BTC and ranking as the second largest corporate BTC treasury among public companies, is entering its next phase of growth with a renewed strategy to build a resilient BTC-native operating company. “Twenty One holds one of the largest Bitcoin balance sheets in the public markets,” said Raphael Zagury. “My job is to build a disciplined operating company around it, focused on cash flow generation, rigorous capital allocation, and institutional-grade execution.”
What’s Next for Twenty One Capital?
Zagury’s background as founder and CEO of Elektron Energy positions him to drive potential synergies in BTC production and infrastructure. While preliminary talks regarding a combination with Elektron continue, no assurances have been given, and the company will provide further updates as discussions progress.
At press time, XXI shares traded at $4.64, down 12.72% in the last 24 hours, with a market capitalization of $1.6B and a daily volume of $12.42M, often at a premium to its BTC net asset value (NAV). With Tether’s majority ownership providing stability and resources, the company is well-placed to navigate BTC’s volatility while pursuing opportunities in mining, infrastructure, and selective M&A.
Related: Why Are Public Companies Racing to Accumulate Bitcoin in Their Balance Sheets?
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