TL;DR:
- Jack Mallers resigned as CEO of Twenty One Capital in mid-July 2026 to focus his management exclusively on the company Strike.
- The price of Bitcoin recorded a correction near 50% from its all-time high reached in May 2025.
- The company officially canceled the proposed merger between Twenty One Capital, the Strike platform, and the miner Elektron Energy.
Founder and former Chief Executive Officer Jack Mallers announced the publication of an essay following his departure from Twenty One Capital in July 2026. The decision came after confirming that the company’s strategic vision no longer aligned with the executive’s initial plans.
The Last Honest Market
This essay started as a bear market manifesto. It became an attempt to understand why Bitcoin can hurt so badly and still leave us more hopeful, more alive, and more determined to build. https://t.co/XeJ4a2Lg4S
— Jack Mallers (@jackmallers) July 23, 2026
The original draft of the text was written on July 11, 2026, days before Mallers’ departure from the firm’s board of directors was finalized. According to Mallers himself, bear markets expose structural flaws and excessive leverage rather than creating them.
Unlike the traditional financial system, the crypto ecosystem does not grant institutional bailouts to vulnerable companies. According to Mallers’ essay, volatility acts as a direct transmission mechanism for technical and financial information regarding operational failures.
Bear Market Lessons and Corporate Reorganization
During previous bull cycles, media attention tended to be mistaken for actual project execution. According to the view expressed by Mallers, historic events such as the collapse of the FTX platform in 2022 demonstrated that liquidating weak capital is necessary to cleanse the market.
On the corporate finance side, Twenty One Capital shares traded down nearly 90% from their 2025 highs. According to the regulatory filing submitted to the SEC on July 21, 2026, the board of directors appointed Raphael Zagury as the new CEO of the entity.
The corporate reorganization involved the definitive cancellation of the integration of the Strike payment network into the holding structure. Corporate announcements indicate that Strike will continue to operate independently under Mallers’ exclusive leadership.
The market currently debates between potential price consolidation or a final technical correction phase before a sustained rally. According to reports presented by Grayscale analysts, global macroeconomic conditions carry greater weight than the traditional four-year Bitcoin cycle pattern.
For the third quarter of 2026, Twenty One Capital management is scheduled to present its new business plan focused on crypto-backed institutional credit.
