Twenty One Capital names Raphael Zagury as CEO, replacing Jack Mallers

Twenty One Capital, Inc. (NYSE: XXI) announced that its board of directors has appointed Raphael Zagury as chief executive officer, effective July 20. Zagury succeeds Jack Mallers, who is stepping down to focus on Strike.

Zagury previously founded and leads Elektron Energy, a Bitcoin mining and infrastructure company. His career includes roles as managing director at Deutsche Bank and Merrill Lynch, vice president at Goldman Sachs, co-founder of boutique investment bank One Partners, and co-founder and CFO of OpenCo, a Brazilian fintech lender backed by SoftBank, IFC, and LTS Investments. He holds an MBA from Yale University and a B.A. in Economics from IBMEC.

Zagury had served as an independent director on Twenty One's board and as interim chair of its audit committee. He resigned from board committees effective July 15 but will remain a board director.

Alongside the leadership change, Twenty One outlined five strategic priorities: corporate governance, operating businesses, capital markets, mergers and acquisitions, and a Bitcoin-native lending and credit platform.

The company also confirmed that Strike will remain a standalone business and is no longer being considered for a combination with Twenty One. A proposed combination with Elektron Energy, Zagury's firm, remains under evaluation. The company noted any such transaction would constitute a related-person transaction subject to review, and that no definitive agreement has been reached.

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