Jack Mallers quits as Twenty One Capital chief as merger collapses

Jack Mallers has resigned as chief executive of Twenty One Capital, the Tether-backed bitcoin treasury company, saying he and the board could not agree on how to pursue his plan for the business, Stocktwits reported in late October 2026.

Shares of the company, which trade under the ticker XXI, dropped about 18% to an all-time low of $4.46 after the announcement, which Mallers made on X. The stock is down more than 50% so far in 2026 and trades roughly 90.6% below the peak of close to $47 it reached in May 2025.

The resignation came alongside the breakdown of a proposed three-way combination of Twenty One Capital, bitcoin payments company Strike and bitcoin miner Elektron Energy, first floated by Tether in April, according to a Bloomberg report cited by Stocktwits. Mallers said stepping down was not easy but was "the right one" for him and shareholders, and that he would stay on as chief executive of Strike, which will remain independent.

Elektron chief executive Raphael Zagury will take over at Twenty One Capital. Tether holds majority stakes in both companies and became sole owner of Twenty One Capital in May after buying out SoftBank's remaining interest, with terms undisclosed. Zagury told Bloomberg that discussions between the companies were continuing.

This story was first reported by Stocktwits.