Mallers intends to focus on Strike during its next phase of growth
21 July 2026 – Tether International, S.A. de C.V. (“Tether International”), the controlling shareholder of Twenty One Capital (“XXI”), today announced that the Board of Directors of XXI has appointed Raphael Zagury, CEO of the team managing Elektron Energy and currently a XXI Board Member, as the new CEO of XXI. Current CEO Jack Mallers is stepping down to dedicate himself fully to Strike. In connection with this change, both leaders are working towards an orderly handover of responsibilities and ensuring continuity through the leadership transition. Additionally, XXI and Strike have determined that Strike is best positioned as an independent, standalone business, and the companies are no longer contemplating a combination.
Mallers’ leadership has been instrumental in defining XXI’s Bitcoin-native vision and establishing XXI’s identity in the public markets. Mallers led XXI through its formation and public listing, establishing XXI as one of the largest corporate holders of Bitcoin and giving it a clear identity in the public markets. With the founding chapter complete, XXI’s Board and Mallers have agreed that this is the right moment to transition leadership.
Since its formation, XXI was created to bring a more ambitious vision for Bitcoin to the public markets, and that ambition now enters its next chapter. XXI has established itself as a Bitcoin-native platform with significant holdings, a strong strategic backer, and a clear mission to expand Bitcoin’s role beyond treasury exposure alone. Through its public listing, market positioning, and plans to develop Bitcoin-based financial services, lending, capital markets products, and educational initiatives, XXI has helped create a more accessible bridge between Bitcoin and traditional investors. XXI intends to share more about its future strategy and direction in the months ahead.
Raphael Zagury is an accomplished executive with more than two decades of experience spanning capital markets, corporate management, and Bitcoin. As founder and CEO of the team managing Elektron Energy, he built one of the most efficient Bitcoin operating businesses in the world, with a disciplined, low-cost operating model and a track record of scaling a digital-asset business to institutional standards. He began his career on Wall Street, holding senior roles as Managing Director at Deutsche Bank and Merrill Lynch and Vice President at Goldman Sachs. Zagury went on to co-found and serve as CFO of OpenCo, at the time one of Brazil’s largest fintech lenders, where he led capital raises backed by SoftBank, IFC, and LTS Investments, and co-founded the boutique investment bank One Partners. He has served on XXI’s Board as an independent director and as interim chair of its Audit Committee. Following his appointment, Zagury will continue to serve on the Board as a director. He holds an MBA from Yale University. He brings the financial discipline, operating rigor, and public market judgment to lead XXI’s next phase.
”Jack played a foundational role in building XXI,” said Paolo Ardoino, CEO of Tether. “He took conviction in Bitcoin and turned it into a public company, and we’re grateful for that. Now that we embark on the next chapter, Rapha is one of the best operators in this industry, with a track record of building businesses with strong cash flows and disciplined execution. He brings exactly the operating standards XXI needs as it enters its next phase of growth.”
“I’m grateful to everyone at XXI and everyone who believed in what we built,” said Jack Mallers. “Serving Bitcoiners has always been the mission, and that doesn’t change. Strike is where I carry it forward.”
“XXI holds one of the strongest balance sheets in Bitcoin,” said Rapha Zagury. “My job is to build the company around it – with the discipline, governance, and operating rigor of an institution. Going forward, XXI should be measured by the cash flow it generates and the discipline with which it allocates capital. I’m grateful to Jack for the foundation he laid. Now we build on it.”
