Jack Mallers stepped down as CEO of Twenty One Capital on July 21, 2026, handing the reins to Raphael Zagury. The company also confirmed it is canceling its Strike product, marking a sudden shift for the financial technology firm.
A Change at the Top
Mallers’ resignation ends his tenure as the chief executive of Twenty One Capital. The company did not provide a reason for the departure. Raphael Zagury, who takes over immediately, now leads the firm. Zagury’s background and previous role at the company were not disclosed in the announcement.
The transition comes at a critical time for Twenty One Capital, which has been a notable player in the digital payments and bitcoin infrastructure space. Mallers founded the company in 2020 and built it around the Strike app, a peer-to-peer payment platform that leveraged the Lightning Network. Strike later became a major product for the firm, offering instant bitcoin settlements and cross-border transfers.
Strike Product Canceled
The cancellation of Strike is a significant reversal. The product had been a flagship offering, used by millions of customers for low-cost bitcoin transactions. The company did not specify why it is shutting down the service or when the cessation will take effect. Users of the Strike app will need to withdraw funds and find alternative platforms.
Twenty One Capital’s decision to kill Strike suggests a broader strategic pivot. Without the product, the firm’s core revenue stream disappears. Analysts following the company had speculated about a potential shift in strategy, but the abrupt cancellation caught many off guard.
What Comes Next for Twenty One Capital
With a new CEO at the helm and its main product shuttered, Twenty One Capital faces an uncertain future. The company has not announced any new initiatives or products. Zagury’s first task will likely be to stabilize the firm and communicate a clear direction to investors and employees.
Mallers’ departure and the end of Strike mark the close of a chapter. The company’s next moves — whether a new product, an acquisition, or a complete restructuring — remain unclear. For now, the market is watching to see how Zagury will steer the ship.
