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Jack Mallers steps down from Twenty One Capital after Strike deal ends

Twenty One said it will shift to a cash-generating operating plan centered on its large corporate Bitcoin treasury, including a March-quarter fair value loss on its BTC holdings.

Reported · Written up by our desk · Market Structure

Jack Mallers is stepping down as chief executive of Twenty One Capital to focus on Strike, as Twenty One and the Bitcoin payments company abandoned a contemplated combination, according to CryptoSlate. Twenty One’s board member Raphael Zagury, described as having experience in capital markets and Bitcoin infrastructure, is set to take over as CEO.

Tether, Twenty One’s controlling shareholder, confirmed the leadership change and said the companies are no longer working toward a combination because Strike is best positioned as an independent business. That leaves Twenty One to develop an operating model without the payments company that had been central to its earlier expansion proposal.

The transition comes as weaker Bitcoin prices and tighter financing are described as testing the broader corporate crypto treasury model. CryptoSlate notes that Twenty One’s March-quarter filing, filed in May, highlighted that there were no binding commitments or board-approved transactions tied to a possible acquisitions plan announced for April 29.

As of March 31, Twenty One reported 43,514 BTC with a fair value of about $2.95 billion, along with approximately $114.1 million in cash. The filing also recorded a rounded $847.8 million fair-value loss on the Bitcoin position during the quarter, and said about 16,116 BTC were pledged as collateral to convertible notes.

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