Jack Mallers stepped down as chief executive of Twenty One Capital on July 20, handing the reins to Raphael Zagury. Mallers, who co-founded the firm, will remain involved in an unspecified capacity. The change comes roughly seven months after Twenty One Capital began trading on the New York Stock Exchange.
The succession
Raphael Zagury was appointed CEO effective immediately. The company did not detail the reasons for Mallers' departure or whether it was planned. Twenty One Capital holds a $2.9 billion Bitcoin treasury, making it one of the largest publicly traded corporate holders of the cryptocurrency. The firm went public in December 2025 through a merger with Cantor Equity Partners, a special purpose acquisition company.
What Mallers built
Mallers founded Twenty One Capital and led it through its SPAC listing. The company's core pitch to investors was straightforward: it buys and holds Bitcoin as a primary corporate asset. The $2.9 billion treasury figure, disclosed in recent filings, underscores the scale of that bet. Mallers' exit from the CEO seat marks a significant leadership shift for a firm that has tied its identity to a single asset and a single founder's vision.
What comes next
Zagury now faces the task of steering Twenty One Capital through a period where Bitcoin's price remains volatile and regulatory scrutiny of crypto-linked public companies persists. The company has not announced any changes to its Bitcoin accumulation strategy or its board structure. Investors will be watching for the next quarterly update to see if the leadership change signals any shift in approach.
