Jack Mallers Reveals Bitcoin Taught Him Hard Lessons After Twenty One Exit

Jack Mallers published an essay after stepping down as CEO of Twenty One Capital, framing the experience as a lesson in how bear markets expose weak capital structures, excessive leverage, and flawed strategy. The article says his departure followed disagreements over the firm’s direction, and that Twenty One’s planned merger/integration with Strike and Elektron Energy was canceled. A new CEO, Raphael Zagury, was appointed in a July 21, 2026 SEC filing. Market-wise, the piece emphasizes the broader crypto downturn: Bitcoin has corrected nearly 50% from its May 2025 all-time high, and Twenty One Capital shares are down nearly 90% from 2025 highs. The commentary suggests that macro conditions may matter more than Bitcoin’s traditional four-year cycle, reinforcing a cautious near-term outlook for crypto-related equities and Bitcoin treasury vehicles.