Jack Mallers Resigns as CEO of XXI Capital Amidst Abandoned Merger Plans
Jack Mallers has stepped down as the CEO of XXI Capital, with Raphael Zagury appointed as his successor, according to CoinDesk. The resignation comes as Tether's plans to merge XXI, Mallers' company Strike, and Elektron Energy have fallen through, as Strike opts to remain independent.
Jack Mallers resigns as CEO of Tether-controlled Twenty One Capital (XXI), effective July 20, to dedicate more time to his bitcoin payments firm, Strike. Raphael Zagury is named as his replacement. The planned three-way merger involving XXI, Strike, and Elektron Energy has been abandoned, marking a significant shift in strategy for the involved companies.
The merger aimed to consolidate bitcoin treasury, financial services, and mining operations under a single publicly listed entity. However, with Strike no longer participating, XXI is now reevaluating its approach. According to Tether, the changes in leadership and strategy indicate a shift towards acquiring operational businesses and enhancing capital market capabilities.
Tether's announcement stated that XXI remains committed to developing bitcoin-backed lending services. As the landscape evolves, it will be essential to monitor how XXI's strategic pivot impacts its business model and broader market position.
Summary based on original reporting by Francisco Rodrigues at CoinDesk, originally published Jul 21, 2026. SolanaWire does not republish source content.
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