TL;DR:
- Jack Mallers resigned as CEO of Twenty One Capital and will be replaced by executive Raphael Zagury.
- Strike will maintain its operations independently following the cancellation of the three-way consolidation.
- Twenty One Capital holds 43,514 Bitcoins in its institutional treasury as of late July 2026.
Bloomberg reported that the proposed merger of Twenty One Capital with Strike and Elektron Energy was scrapped. After the deal was disrupted, Jack Mallers left the executive leadership of the NYSE-listed entity to focus exclusively on the payments firm Strike.
Executive restructuring and shareholding control
Bloomberg reported that Raphael Zagury, CEO of the mining firm Elektron Energy, is now the new CEO of Twenty One Capital. The replacement marks the beginning of a new phase of governance after halting the consolidation of the three organizations.
Negotiations between Twenty One Capital and Elektron Energy remain active. According to industry reports, both executive boards are evaluating operational integration alternatives that exclude the payments platform.
Tether maintains a majority stake in both corporations. The stablecoin issuer strengthened its control in May 2026 after acquiring the equity stake previously held by Japanese conglomerate SoftBank.
Shares of Twenty One Capital, traded under the ticker XXI on the New York Stock Exchange, remained stable during pre-market trading. The publicly listed company launched operations in 2025 backed by financial support from Tether, Cantor Fitzgerald, and SoftBank.
Treasury balance sheet and upcoming milestones
The reported balance in Twenty One Capital’s institutional reserve stands at 43,514 Bitcoins. Compiled data places the firm as the second-largest corporate holder of Bitcoin globally, right behind Strategy.
In April 2026, Tether announced its intention to vote in favor of the strategic combination between XXI’s treasury, the Strike payment network, and the mining provider Elektron Energy. The initiative sought to integrate custody infrastructure, payment processing, and hash power generation into a single exchange-traded vehicle.
Current market trends indicate that traders will shift their focus to Twenty One Capital’s upcoming financial filing with the U.S. Securities and Exchange Commission (SEC). This official report will help verify the status of its reserve assets and the operational roadmap laid out by Zagury’s management.
