Jack Mallers, founder of Twenty One Capital, has resigned as chief executive officer, effective immediately. The decision coincides with the official withdrawal of a planned merger between Twenty One Capital, Strike — Mallers' Bitcoin payments firm — and Elektron Energy. No specific reason was provided for the cancellation of the deal, which was expected to combine the three entities.
In a social media post, Mallers described the choice as difficult but necessary, reaffirming that his life's work remains Bitcoin and emphasizing his commitment to Strike. The post quickly garnered strong community engagement. Simultaneously, Raphael Zagury, founder and CEO of Elektron Energy, was appointed as the new CEO of Twenty One Capital, signaling a leadership transition.
Twenty One Capital, a publicly traded company known for its aggressive corporate Bitcoin treasury strategy, now faces questions about its future direction. The scrapped merger and exit of its founder leave shareholders speculating on potential regulatory or strategic disagreements that led to the collapse. Market participants are watching closely for further announcements from Zagury regarding the company's strategic priorities and its ongoing Bitcoin treasury approach.
