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A major leadership resignation has happened on leading Bitcoin treasury company Twentyone capital’sboard.
Jack Mallers has stepped down as chief executive officer of Bitcoin treasury firm Twenty One Capital. He cited irreconcilable differences with the company’s board over its long-term strategy.
Jack further wrote in a X post that he wants to return to building Bitcoin products through Strike.
In a video message released an hour back, the Bitcoin entrepreneur said he had voluntarily decided to leave the company after concluding that the board no longer shared his vision for Twenty One.
“When I helped start 21, I thought we had an opportunity to build something very specific. Not only a company built on Bitcoin, not only a company built with Bitcoin on its balance sheet, but also a company with Bitcoin businesses producing cash flow built alongside of it,” Mallers said in the video announcement. “However, over time, it became clear that the board and I did not agree on the path toward building for that vision.”
I've decided to step down as CEO of Twenty One.
This wasn't an easy decision, but it was the right one. This experience brought tremendous clarity about who I am and what I want to build.
My life's work remains Bitcoin. My Bitcoin company is @Strike.
The work continues. pic.twitter.com/L70YFYPt11
— Jack Mallers (@jackmallers) July 21, 2026
Twenty One Capital launched in late 2025 through a SPAC merger with Cantor Equity Partners. It has quickly emerged as one of the world’s largest publicly traded Bitcoin treasury companies. The NYSE-listed firm currently holds approximately 43,514 BTC, placing it among the largest corporate Bitcoin holders globally.
Mallers’ comments suggest that operating-business strategy became the core point of disagreement. The reason does seems to create vision rifts. When the company debuted, it centered on capital-efficient Bitcoin accumulation. It then differentiated itself from other treasury firms by promising future operating businesses.
He said his ambition was to transform Twenty One into more than a Bitcoin holding vehicle by creating Bitcoin-native businesses capable of generating recurring cash flows. Instead, he believes the company increasingly gravitated toward the traditional treasury model. This is similar to what other digital asset treasury companies such as ETH holder BitMine is expanding rapidly with staking and its MAVAN project.
“I know some people will be disappointed by this outcome. This was certainly not the vision that I had when I started the business,” he said, adding that stepping down was “the honest and the right thing to do” for shareholders, Bitcoiners and himself.
The resignation also marks a shift in Mallers’ personal focus. Rather than overseeing a public Bitcoin treasury company, he said he wants to dedicate his efforts to Strike, the Bitcoin payments platform he founded.
Strike has continued expanding its Bitcoin financial services business. It offers Lightning-powered payments, Bitcoin purchases, treasury infrastructure for businesses and cross-border settlement tools. Mallers said these products align more closely with his mission of helping individuals, businesses and institutions adopt Bitcoin directly.
“I’m at my best when I pour my energy into building tools for Bitcoin and Bitcoiners,” he said, pointing to retail Bitcoin savers, small businesses building Bitcoin treasuries and long-term holders as the users he wants to serve.
Mallers’ departure comes less than three months after April 29, 2026, when Tether proposed merging Twenty One Capital, Strike and Bitcoin miner Elektron Energy into an integrated Bitcoin platform.
The platform aim to span acorss treasury management, payments, mining and financial services.
However, the company’s ownership shifted on May 27, when Tether acquired SoftBank’s stake to become Twenty One’s controlling shareholder. The deal also reshaped the board, replacing SoftBank-appointed directors with new independent members to meet NYSE governance requirements. The board now includes Tether CEO Paolo Ardoino, Raphael Zagury, and independent directors Paul Lalljie and Karl Olsoni.
The announcement also implies one thing that is quietly becoming common for digital asset treasury companies today. They are no longer just holding Bitcoin. They are also expanding beyond simply holding the asset. For instance, Metaplanet recently announced its acquisition of Siibo Securities to build out its Bitcoin products business.
Thus, Jack Maller’s resignation could come as a significant shake for Twenty One Capital’s holding strategy.
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