Jack Mallers Exits Twenty One Capital as $2.9B Bitcoin Treasury Gets New Leadership

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Jack Mallers stepped down as CEO of Twenty One Capital on July 20, replaced by director Raphael Zagury. Mallers co-founded the firm and led its December 2025 NYSE debut via a merger with Cantor Equity Partners. Following his exit and the collapse of Tether's plan to combine three Bitcoin firms, XXI stock dropped nearly 18%. The company maintains a $2.9B Bitcoin treasury as it transitions to new leadership following the failed merger strategy.
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