Jack Mallers Steps Down as CEO of Bitcoin Treasury Firm XXI
Jack Mallers, founder of Bitcoin payments app Strike, stepped down as CEO of NYSE-listed Twenty One Capital (XXI) on July 20, with Raphael Zagury taking over as the new leader. The Tether-backed firm, holding over 43,500 BTC and ranking third among public companies, now prioritizes cash flow from operations, disciplined capital allocation like Berkshire Hathaway, and Bitcoin-native services. Mallers forfeited unvested options amid board disagreements and reaffirmed his commitment to Strike, which will stay independent; XXI shares closed at $4.80, down over 90% from peaks amid a crypto pullback. Reactions divided, with critics noting the stock wipeout and supporters like Anthony Pompliano seeing potential upside for both companies.
Jack Mallers, founder of Bitcoin payments app Strike, stepped down as CEO of NYSE-listed Twenty One Capital (XXI) on July 20, with Raphael Zagury taking over as the new leader. The Tether-backed firm, holding over 43,500 BTC and ranking third among public companies, now prioritizes cash flow from operations, disciplined capital allocation like Berkshire Hathaway, and Bitcoin-native services. Mallers forfeited unvested options amid board disagreements and reaffirmed his commitment to Strike, which will stay independent; XXI shares closed at $4.80, down over 90% from peaks amid a crypto pullback. Reactions divided, with critics noting the stock wipeout and supporters like Anthony Pompliano seeing potential upside for both companies.