After Twenty One Exit, Jack Mallers Says Bitcoin Taught Him Hard Lessons

Jack Mallers says Bitcoin’s bear market has left him “getting my ass kicked,” but the Strike founder believes that is exactly what makes the asset different from traditional financial systems.

In an essay published Friday, just days after stepping down as CEO of Twenty One Capital, Mallers argued that Bitcoin’s painful downturns expose reality instead of hiding it.

Mallers Says Bitcoin’s Pain Has a Purpose

Mallers wrote that he originally drafted the essay on July 11, before resigning from Twenty One Capital, intending to publish it the following Monday. That plan changed after he was told to wait until his departure became public.

In the opening note, he acknowledged that the company he believed he was building and the direction it ultimately took “were no longer the same,” leading him to step away. He also accepted responsibility for helping create expectations that “were not ultimately fulfilled,” while making clear that the essay was not intended as a defense of his decision.

Instead, Mallers used Bitcoin’s latest bear market as a lens through which to examine leadership, conviction, and failure. Although BTC is trading almost 50% below its all-time high, he argued that the emotional toll extends far beyond financial losses.

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