Jack Mallers stepped down as CEO of Twenty One Capital on July 21, 2026, citing irreconcilable differences with the board over the company's long-term strategy. Raphael Zagury takes over the role immediately. The move marks a sharp turn for the firm, which had been known for its aggressive Bitcoin treasury approach.
Why Mallers left
Mallers said the split came down to strategy. The board wanted to pivot away from the Bitcoin-focused treasury model that Twenty One Capital had built its name on. Mallers didn't agree. He called it a fundamental disagreement over where the company should go next.
In a statement, Mallers said he wants to return to building — a phrase that suggests he's not done with crypto, just done with the board's direction. No word yet on what he'll do next.
Who's taking over
Raphael Zagury, the new CEO, steps into a company in transition. The board is clearly steering Twenty One Capital away from its Bitcoin-heavy identity. Zagury hasn't publicly outlined his plans yet, but the pivot is already underway.
Twenty One Capital's shift could matter for the broader market. Firms that were early Bitcoin treasury adopters are now reassessing their strategies. The move signals that even committed Bitcoin bulls can face internal pressure to diversify.
Zagury will need to lay out a new roadmap soon. Investors and clients will be watching closely. The company hasn't announced any specific changes to its portfolio or services, but the CEO change is a clear signal that the old playbook is being rewritten.
Mallers' departure is effective immediately. Zagury is already in the seat. The next few weeks should reveal just how far the pivot goes.
