Jack Mallers Steps Down as Twenty One Capital CEO; Tether Merger Collapses
In brief
- Jack Mallers resigned as CEO of Twenty One Capital effective July 20, 2026.
- Tether abandoned proposed three-way merger combining bitcoin treasury, Strike payments, and Elektron Energy mining.
- Raphael Zagury named new CEO; Twenty One Capital pivots to acquisitions and bitcoin lending strategy.
The Merger Falls Apart
Tether proposed the three-way combination in April 2026, seeking to place bitcoin treasury, financial services, and mining under one listed company. The plan would have unified three distinct bitcoin-focused operations under a single corporate structure. Strike, the bitcoin payments platform Mallers founded, was central to that vision.
The merger is now dead. Strike will remain independent and is no longer being considered for a business combination with Twenty One Capital, according to the announcement.
A Pivot for Twenty One Capital
Twenty One Capital's revised strategy will focus on acquiring operating businesses, expanding capital markets capabilities, and developing bitcoin-backed lending products. The shift reflects a departure from the merger framework Tether had outlined months earlier.
Zagury steps into a leadership role at a company controlled by Tether, the $140+ billion stablecoin issuer. His appointment signals continuity in the capital-markets direction even as the broader consolidation effort dissolves.
Mallers remains focused on Strike, his bitcoin payments venture. The startup has pursued remittances and point-of-sale payment adoption, positioning itself as a layer outside traditional banking rails.
