Jack Mallers Resigns as CEO of XXI Capital Amid Tether Merger Collapse

Jack Mallers resigns as CEO as merger plans with Elektron Energy fall through.

Jack Mallers has officially resigned from his position as CEO of Twenty One Capital (XXI), a company controlled by Tether, following the cancellation of a proposed merger with Strike, Mallers' own financial services firm, and Elektron Energy. His resignation is effective as of July 20, 2026.

In his place, Raphael Zagury has been appointed as the new CEO. Mallers will now focus on advancing his operations at Strike, which will continue independently without pursuing a merger with XXI.

The original merger plan aimed to unify the operations of Twenty One Capital, Strike, and Elektron Energy to streamline bitcoin treasury management and related financial services. However, Tether announced that the merger would not proceed.

Looking ahead, Twenty One Capital is exploring its own strategic direction, considering potential acquisitions and enhancements to its capital markets operations, as well as developing bitcoin-backed lending solutions, according to the latest updates from the company.

Despite these changes, shares of XXI showed little fluctuation in pre-market trading. Tether confirmed the leadership change and the merger's cancellation in a separate statement, as the companies have yet to comment further on the situation.