Jack Mallers has resigned as Chief Executive Officer of Twenty One Capital and has indicated that he will return to Bitcoin Payment Company Strike. At the same time, Tether ' s tripartite integration plan, which had originally been promoted, was discontinued, and the market reacted negatively to this change.

Twenty One was listed by SPAC in December 2025. The company currently holds 43,514 BTCs, valued at more than $4 billion at current prices, and is second only to Strategy in the size of the Bitcoin holdout of the listed company.

Tripartite integration programme terminated

According to Bloomberg, Tether had planned to merge Twenty One, Strike and Elektron Energy into a listed company. The programme would have preferred to integrate the Bitcoin treasury, payment and lending operations, and mining infrastructure into the same platform.

This idea was first presented by Tether at the Bitcoin Congress in April 2026. According to the statements made at the time, the new company would form an integrated business structure around Bitcoin, with Mallers originally responsible for the merged company and Elektron Energy founder Raphael Zagury as Managing Director.

This tripartite integration arrangement is now over. Strike will continue to operate independently. As for Twenty One and Elektron Energy, the parties were still at an early stage of discussion, but had yet to confirm that any two-party deal had been reached.

New CEO confirmed

Mallers on X indicated that leaving Twenty One was not easy, but it was the right decision. He claims that his long-term investment is still in the direction of bitcoin, and Strike is his bitcoin company.

After his departure, the founder of Elektron Energy, Raphael Zagury, was appointed as the new CEO of Twenty One. Public information indicates that Zaguiry worked for Deutsche Bank, Merrill and Goldman Sachs.

Company representations turn to cash flow

Unlike Mallers' past emphasis on increasing bitcoin, Zagury conveys a more business-oriented focus to investors. According to Tether ' s bulletin, Twenty One should be measured more in terms of cash flows created by companies and the discipline of capital allocation.

This means that the follow-up external narrative of Twenty One could shift from a radical expansion of bitcoin to a greater emphasis on financial performance and capital efficiency. For a listed company with a large BTC, this change may also affect the way the market valued it.

  • Twenty One currently held: 43,514 BTC
  • Value by medium calibre: over $4 billion
  • Strike Follow-up: Continue to operate independently