Jack Mallers Reveals Bitcoin Taught Him Hard Lessons After Twenty One Exit
TL;DR:
- Jack Mallers resigned as CEO of Twenty One Capital in mid-July 2026 to focus his management exclusively on the company Strike.
- The price of Bitcoin recorded a correction near 50% from its all-time high reached in May 2025.
- The company officially canceled the proposed merger between Twenty One Capital, the Strike platform, and the miner Elektron Energy.
Founder and former Chief Executive Officer Jack Mallers announced the publication of an essay following his departure from Twenty One Capital in July 2026. The decision came after confirming that the company’s strategic vision no longer aligned with the executive’s initial plans.
The Last Honest Market
This essay started as a bear market manifesto. It became an attempt to understand why Bitcoin can hurt so badly and still leave us more hopeful, more alive, and more determined to build. https://t.co/XeJ4a2Lg4S
- Jack Mallers (@jackmallers) July 23, 2026
The original draft of the text was written on July 11, 2026, days before Mallers’ departure from the firm’s board of directors was finalized. According to Mallers himself, bear markets expose structural flaws and excessive leverage rather than creating them.
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