Jack Mallers Resigns as CEO of XXI Capital Amidst Merger Collapse

Jack Mallers Resigns as CEO of XXI Capital

Jack Mallers has stepped down from his position as CEO of XXI Capital, effective July 20, 2026. The resignation comes in the wake of Tether’s decision to abandon a proposed merger involving XXI Capital, Mallers’ own company Strike, and Elektron Energy.

New Leadership at XXI Capital

In a strategic shift following Mallers’ departure, Raphael Zagury has been appointed as the new CEO of XXI Capital. This change reflects Tether’s intention to revise the company’s strategy, which will now focus on acquiring operating businesses and expanding capital markets capabilities, along with developing bitcoin-backed lending.

Details on the Abandoned Merger

The initial merger proposal, presented by Tether in April, aimed to combine the operations of Twenty One Capital, Strike, and Elektron Energy into a single publicly listed entity. However, the companies have confirmed that Strike will remain independent and is no longer considered for the merger.

Future Outlook for XXI Capital and Strike

At this point, XXI Capital’s stock has shown little change in pre-market trading. As for Mallers, he will redirect his focus back to the bitcoin payments firm, Strike, which he founded. The ongoing developments and strategic shifts signal a period of significant transition for both XXI Capital and the companies involved.