Overview
- Jack Mallers resigned as Twenty One Capital CEO and Raphael Zagury, founder of Elektron Energy, was named his replacement with Mallers returning full time to run Strike on July 21.
- Tether solidified majority control after buying SoftBank’s stake in May and confirmed the proposed merger that would have combined Twenty One, Strike, and Elektron will not proceed with Strike remaining independent.
- Zagury has directed the company to be judged on cash flow and disciplined capital allocation and said Twenty One will pursue operating businesses, capital‑markets capabilities, and bitcoin‑backed lending.
- Investors reacted sharply: Twenty One’s stock fell roughly 15–18% as the collapsed deal removed a key growth plan while the company still holds about 43,514 BTC on its balance sheet.
- The near term will be shaped by the firm’s upcoming quarterly results and any renewed bilateral talks with Elektron, which investors will use to judge how Twenty One will fund operating expansion without the payments business.