Jack Mallers Exits Twenty One as Tether-Backed Strike Merger Collapses

Key Facts

In a move reflecting structural challenges within the crypto infrastructure sector, Jack Mallers has resigned from Twenty One. This exit follows the formal termination of the partnership with Strike and the collapse of a merger that had been backed by Tether. According to reports, Raphael Zagury has inherited the mandate to manage the company's substantial Bitcoin balance sheet, with a focus on proving the long-term durability of the business model.

The separation comes after a period of anticipation regarding the future of Lightning Network-linked entities, following Tether's previous strategic investments in Strike to bolster global payments. Per market data, digital asset firms are facing increased pressure to demonstrate operational viability independent of underlying asset volatility. This leadership transition marks an attempt to reposition Twenty One as a standalone entity focused on treasury management.

Looking ahead, market participants will watch the new leadership's ability to navigate market volatility without the institutional support originally expected from the merger. Investors are also monitoring broader macro catalysts, including the Fed Williams speech scheduled for July 15, 2026, to gauge overall financial market liquidity.