Jack Mallers Steps Down As CEO Of Twenty One Amid Board Clashes

Jack Mallers has stepped down as chief executive of Twenty One, a Tether backed Bitcoin treasury firm, after a tenure lasting only seven months. Mallers stated that he walked away voluntarily because the board and leadership could not agree on the future direction of the company. He also denied online accusations of a cash grab, noting that he took no severance and left his stock options to expire.

The departure follows public friction earlier this year when Mallers questioned MicroStrategy executive Michael Saylor regarding company math and digital credit yields. During industry events, Mallers raised concerns about how treasury firms calculate equity values and fund high dividend payouts without traditional business revenue. His exit leaves Tether in full control of the corporate treasury, while incoming leadership plans to shift focus toward generating actual cash flow.

Market reaction to the leadership shakeup was sharp, with company shares falling significantly. Industry observers view the situation as a major test for the corporate Bitcoin treasury model during periods of cooling market sentiment. Mallers will now focus entirely on his payment firm, Strike, leaving Twenty One to chart a new path under Tether.