Tether International announced on Tuesday that Twenty One Capital has appointed Raphael Zagury as its chief executive, succeeding Jack Mallers, who is leaving the role to focus on Strike, the Bitcoin payments company he founded.

The companies said the transition will be managed through an orderly transfer of responsibilities and confirmed they are no longer proceeding with plans unveiled in April to combine Twenty One Capital, Strike and Elektron Energy. Strike will continue as an independent company.

The abandoned proposal would have created a single Bitcoin-focused company with exposure to mining, payments and capital markets. Mallers had been expected to remain CEO of the combined business, while Zagury was slated to become president.

The transaction was also expected to increase Twenty One Capital’s Bitcoin holdings by incorporating Strike’s Bitcoin treasury but those plans have now been shelved.

The leadership change comes after Mallers oversaw the creation and public listing of Twenty One Capital, helping establish the firm as one of the world’s largest corporate Bitcoin holders. Twenty One Capital currently holds 43,514 Bitcoin worth approximately $2.9 billion.

“I’m grateful to everyone at XXI and everyone who believed in what we built,” Mallers stated. “Serving Bitcoiners has always been the mission, and that doesn’t change. Strike is where I carry it forward.”

“On behalf of the Board of Directors, I would like to thank Jack for his vision and leadership in founding Twenty One Capital, and for guiding the company through its business combination and successful listing on the New York Stock Exchange in December 2025,” Tether CEO Paolo Ardoino stated. “He took conviction in Bitcoin and turned it into a public company, and we’re grateful for that.” 

The company said it will now build on that foundation by expanding into Bitcoin-focused financial services, lending, capital markets products and educational programs, with further details on its strategic direction expected in the coming months.

Zagury, who currently heads the team managing Elektron Energy, has served on Twenty One Capital’s board and will remain a director after assuming the CEO role. His background includes senior positions at Goldman Sachs, Deutsche Bank and Merrill Lynch, as well as leadership roles at fintech lender OpenCo and investment bank One Partners.

“Now that we embark on the next chapter, Rapha is one of the best operators in this industry, with a track record of building businesses with strong cash flows and disciplined execution. He brings exactly the operating standards XXI needs as it enters its next phase of growth,” Ardoino added.

Zagury said his focus will be on applying institutional standards of governance, operational rigor and disciplined capital allocation to maximize the value of the company’s Bitcoin-backed balance sheet.

“Twenty One holds one of the largest Bitcoin balance sheets in the public markets,” Zagury commented on the move. “My job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution. I believe our business will perform best when we also focus on the cash flow we generate and the rigor with which we allocate capital, not only by the Bitcoin we hold.”