Overview
- Jack Mallers resigned as Twenty One Capital CEO and Raphael Zagury was named his successor, a move the company confirmed on Tuesday after Mallers said he would return to lead Strike full time.
- Tether’s plan to merge Twenty One, Strike, and Elektron was abandoned with Strike confirmed as an independent company and no definitive deal reached with Elektron.
- Investors sold XXI stock sharply after the announcements, pushing the share price down roughly 15–18% on July 21 as traders reassessed the company’s growth plan.
- Zagury has said Twenty One will prioritize cash flow, disciplined capital allocation, acquisitions of operating businesses, and Bitcoin-backed lending under Tether’s majority control after it bought SoftBank’s stake in May 2026.
- Twenty One still holds about 43,514 BTC, making it one of the largest public corporate treasuries, and the next milestones investors will watch are any Elektron agreement and the company’s upcoming quarterly report for details on the new strategy.