Twenty One Capital appointed Raphael Zagury as chief executive officer effective July 20, replacing founder and former CEO Jack Mallers, who is stepping down to focus on his bitcoin payments company Strike, the Tether-backed firm said Tuesday.
Mallers and Zagury are working together on an orderly transition, according to the company. Mallers will no longer hold an executive role at the NYSE-listed treasury firm he reportedly launched in April 2025 with backing from Tether, SoftBank, and Cantor Fitzgerald.
"I've decided to step down as CEO of Twenty One," Mallers wrote on X. "My life's work remains Bitcoin. My Bitcoin company is Strike. The work continues."
Strike exits the merger
The leadership change landed alongside a reset of the corporate structure Tether had pushed since April.
