Mallers Steps Down from Twenty One Amid Strategic Disagreements

Jack Mallers has stepped down as CEO of Twenty One Capital, citing a strategy split and his desire to focus on building Strike and Bitcoin payments. This decision comes after Mallers expressed his vision for Twenty One no longer aligned with the board's direction.

Mallers' public statement made it clear that his work remains centered on Bitcoin. He emphasized his commitment to building a Bitcoin business with cash flow, rather than simply holding BTC on the balance sheet.

However, the board's vision for Twenty One shifted towards a treasury-only model, which diverged from Mallers' goals. As a result, he decided to step down as CEO and return his full attention to Strike, the payments company he founded.

Board member Raphael Zagury has replaced Mallers as CEO of Twenty One effective immediately. The leadership change will likely impact the company's strategy and direction in the crypto market.