Live News • Aug 13
Twenty One Capital Unveils Five-Step Plan to Broaden Bitcoin-Focused Business Model Twenty One Capital CEO Raphael Zagury has outlined a five-step plan to move the company beyond a pure Bitcoin treasury model, including building and acquiring operating businesses, expanding capital-markets capabilities and M&A, and launching a Bitcoin-backed lending and credit arm.
Management framed the shift as an attempt to create more value around the company’s large Bitcoin holdings after reporting substantial net losses that were mainly linked to declines in Bitcoin’s value. It also follows a recent leadership change at the company.
Twenty One Capital shares trade at $4.71, with the stock down 49.4% year to date, which highlights how much of the recent pressure has coincided with Bitcoin-related write-downs.
This new direction introduces more moving parts to the Twenty One Capital story. The key question is whether added business complexity and risk around lending and M&A is offset by a more diversified way to monetise its Bitcoin position. Live News • Jul 23
Jack Mallers Steps Down as Twenty One Capital CEO After Failed Bitcoin Merger Plan Jack Mallers has resigned as CEO of Twenty One Capital after irreconcilable strategic differences with the board, following the collapse of Tether’s plan to merge Twenty One Capital, Strike, and Elektron Energy into a single publicly traded Bitcoin company. The announcement coincided with a nearly 15% drop in the stock.
The board has appointed Raphael Zagury as the new CEO, signaling a pivot from a Bitcoin treasury focus toward institutional discipline and cash-flow generation. Mallers is shifting his efforts to building Bitcoin businesses through his payments platform Strike.
Twenty One Capital shares trade at $5.02, with the stock down 46.0% year to date. This performance highlights how sensitive the company has been to management decisions and changes in its Bitcoin-related strategy.
The leadership change and abandoned merger plan sharpen the focus on execution under Zagury. Cash flow discipline and institutional credibility are likely to be key tests for Twenty One Capital’s next phase. Announcement • Jul 21
Twenty One Capital, Inc. Announces CEO Changes, Effective July 20, 2026 Twenty One Capital, Inc. announced that Jack Mallers, the Company’s Chief Executive Officer (“CEO”), has resigned from his position as CEO, effective as of July 20, 2026 (the “Separation Date”). Mr. Mallers’ departure is not related to any disagreements with the Company on any matter relating to its operations, policies, practices (financial or otherwise) or any issues regarding financial disclosures, accounting, or legal matters. Also on July 20, 2026, the Board of Directors of the Company (the “Board”) appointed Raphael Zagury, 50, as its CEO, effective July 20, 2026. Mr. Zagury has served as a member of Board since December 2025. He is the founder and Chief Executive Officer of Elektron Enterprises LLC, which provides management and operational services to Elektron Energy, a Bitcoin mining and energy infrastructure business. From 2023 to 2024, Mr. Zagury served as Chief Investment Officer at Swan Bitcoin. Previously, he founded One Partners, an investment bank, and co-founded OpenCo, a lending fintech, where he served as Chief Financial Officer and led multiple capital raises through Series D. Earlier in his career, he held executive and trading roles at Goldman Sachs, Merrill Lynch, and Deutsche Bank in New York. Mr. Zagury holds an MBA from Yale University and a B.A. in Economics from IBMEC. 
