- Twenty One Capital has appointed Raphael Zagury as CEO and Jack Mallers has resigned to concentrate on Strike.
- Plans to merge with Strike have been deserted as each corporations pursued impartial methods and operations.
- With the change in management, Twenty One will now focus extra on Bitcoin mining and power infrastructure.
Twenty One Capital, Inc. (“Twenty One” or “XXI”) (NYSE: XXI) has appointed Rafael Zagry as Chief Govt Officer (CEO) because the Bitcoin (BTC) treasury firm accelerates its transformation right into a Bitcoin-native working firm. Mr. Zagley replaces Jack Mallards, who’s stepping all the way down to concentrate on increasing Strike, ending earlier merger talks between the 2 corporations.
Twenty One Capital appoints Rafael Zagry as CEO
On July 21, 2026, Twenty One Capital introduced that its board of administrators has appointed Mr. Zagley as CEO, efficient July 20, 2026, changing Mr. Jack Mallards. Mr. Zagri has served as an impartial director on Twenty One Capital’s board since late 2025 and beforehand served as interim chair of the audit committee.
Raphael Zagury is the founder and CEO of Elektron Power and beforehand served as Chief Funding Officer at Swan Bitcoin. He has held senior positions at Goldman Sachs, Deutsche Financial institution, Merrill Lynch, and management positions at One Companions and OpenCo.
TwentyOne and Strike pursue distinctive progress methods
Paolo Ardoino, CEO of Tether and a member of TwentyOne’s board of administrators, expressed his gratitude to Jack Mallers, who based the corporate and guided it by a enterprise mixture and itemizing on the New York Inventory Change in 2025. The announcement additionally confirmed that plans to combine with Strike had been deserted.
The proposed restructuring, introduced in April 2026, envisaged the consolidation of Twenty One Capital’s BTC treasury, Strike’s funds platform, and Electron Power’s mining and infrastructure operations right into a single Bitcoin-native platform. Strike continues to broaden the real-world utility of BTC by funds, international remittances, monetary companies, and adoption instruments for people and companies.
In the meantime, Twenty One Capital, which holds roughly 43,514 BTC and ranks because the second-largest company BTC vault amongst listed corporations, is coming into its subsequent section of progress with a brand new technique to construct a resilient BTC-native working firm. “TwentyOne has the most important Bitcoin stability sheet on the general public market,” stated Rafael Zagli. “My job is to construct a disciplined working firm targeted on money movement era, rigorous capital allocation, and institutional-level execution.”
What’s subsequent for Twenty One Capital?
Mr. Zagri’s background as founder and CEO of Elektron Power positions him to drive potential synergies in BTC’s manufacturing and infrastructure. Preliminary discussions relating to a partnership with Elektron proceed, however no commitments have been made and the corporate will present additional updates as discussions progress.
On the time of writing, XXI inventory is buying and selling at $4.64, down 12.72% over the previous 24 hours, with a market cap of $1.6 billion and every day quantity of $12.42 million, usually at a premium to its BTC web asset worth (NAV). Tether’s majority possession offers stability and sources, making the corporate well-positioned to climate BTC volatility whereas pursuing mining, infrastructure, and selective M&A alternatives.
Associated: Why are listed corporations competing so as to add extra Bitcoin to their stability sheets?
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