Twenty One Capital shares tumble after co-founder Jack Mallers exits amid strategic disputes with the board over long-term direction.
Twenty One Capital (XXI) shares fell 18% to $4.37 on July 21 after CEO Jack Mallers resigned following a strategic disagreement with the board. The departure disrupts the company’s ambitious plan to consolidate Bitcoin-related businesses under a single public entity.
The company, backed by Tether, Bitfinex, and SoftBank, had aimed to merge with Strike and Elektron Energy to create a dominant Bitcoin-focused public company. XXI’s stock had previously rallied on the proposal, which positioned it as a rival to Michael Saylor’s Bitcoin treasury strategy.
Investors reacted sharply to the leadership change, which casts doubt on the company’s expansion plans and long-term vision. The stock’s decline reflects broader concerns over execution risks in the Bitcoin corporate sector.