Twenty One Capital Appoints New CEO, Jack Mallers Departs; Abandons Strike Acquisition
XXI is trading near its 52-week low of $4.81 (12% above the low).
Summary
Twenty One Capital announced the resignation of CEO Jack Mallers and the appointment of Raphael Zagury as his successor, while also confirming it is no longer pursuing the acquisition of Strike.
Key Events · Executive and Board Changes · XXI
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CEO Transition
Jack Mallers resigned as CEO and director, effective July 20, 2026. Raphael Zagury, a current board member with a background in Bitcoin mining and finance, was appointed CEO.
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Mallers' Separation Package
Mallers received approximately $1.62 million in cash for final remuneration, vested restricted stock units, and repurchased shares. He also retains 1.52 million vested stock options with an exercise price of $14.43 per share, exercisable for 90 days.
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Strategic M&A Shift
The company is no longer pursuing the acquisition of Strike, a significant change from its previously announced strategic consolidation plans.
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Elektron Acquisition Continues
The proposed combination with Elektron Energy, a Bitcoin mining business, remains under evaluation. New CEO Raphael Zagury is also CEO of Elektron Enterprises LLC, which provides services to Elektron Energy, creating a potential related-person transaction.
Analysis · XXI · Crypto Assets
This 8-K details a significant leadership transition with the departure of founding CEO Jack Mallers and the appointment of Raphael Zagury, who brings relevant Bitcoin mining and finance experience. Crucially, the company has abandoned its previously announced plan to acquire Strike, a major reversal of its strategic pivot to become an integrated Bitcoin platform. While the acquisition of Elektron Energy, with which the new CEO has ties, remains under evaluation, the change in M&A strategy and leadership signals a new direction for the company.
At the time of this filing, XXI was trading at $5.39 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $3.5B. The 52-week trading range was $4.81 to $34.12. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.