- Twenty One replaced Jack Mallers with Raphael Zagury as CEO.
- Mallers said he will focus on Strike’s next phase of growth as it opted out of a proposed merger with Twenty One and Elektron Energy.
- The Twenty One and Elektron Energy merger remains at a preliminary stage.
Twenty One Capital (XXI), a publicly traded company controlled by stablecoin giant Tether, has appointed a new CEO. The move coincides with the decision of Strike, a Bitcoin (BTC)-focused financial platform, to opt out of an initially planned merger with Twenty One and Elektron Energy, a developer of prime energy infrastructure projects across West Africa.
Jack Mallers Steps Down as CEO of Twenty One
Twenty One announced on Tuesday that Jack Mallers is stepping down from his CEO role in the company. It stemmed from the Bitcoin advocate’s decision to focus on Strike, a company he founded in 2020, as it advances to its next phase of growth.
Raphael Zagury, founder of Elektron Energy, replaces Mallers. He brings to the table his deep financial background from Wall Street, including his experience as a builder and coder in the tech realm. He also served as an independent director on Twenty One’s Board and interim chair of its Audit Committee.
Zagury and Mallers assured the company and its stakeholders that they will work together to ensure an orderly transition. Meanwhile, the latter thanked Twenty One for the opportunity and stated that he will continue to carry out his mission on Bitcoin through Strike.
Paolo Ardoino, CEO of Tether and member of Twenty One’s Board, thanked Mallers for his contributions to the company, especially in guiding it through its successful listing on the New York Stock Exchange (NYSE) in December last year.
Twenty One’s Bitcoin Balance Sheet
“Twenty One holds one of the largest Bitcoin balance sheets in the public markets,” said Zagury. “My job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution.”
Twenty One has the second-largest Bitcoin holdings among public companies. It currently maintains 43,514 BTC in its portfolio. However, it remains a far cry from Strategy’s (formerly MicroStrategy) massive 843,775 BTC reserves.
“I believe our business will perform best when we also focus on the cash flow we generate and the rigor with which we allocate capital, not only by the Bitcoin we hold,” Zagury added.
Strike Excluded from Twenty One and Elektron Energy Merger
Furthermore, Twenty One’s latest press release informed the public that Strike will no longer be part of its planned merger with Elektron Energy. It follows the Maller-founded company’s choice to remain a standalone business.
To date, Twenty One’s proposed merger with Elektron is still under evaluation by both parties. The business clarified that talks between them remain at a preliminary stage and there’s no definitive assurance it will be approved or completed.
