Jack Mallers explains exit from Twenty One Capital over financial engineering disagreement
- —Mallers said he left voluntarily and was not ousted
- —Resignation formalized in late July, Rafael Zagury became CEO
- —Net loss for Q2 2026 was $413.5M
- —Main driver of the loss was a decline in the carrying value of Bitcoin
Why it matters: The case highlights the risks of Bitcoin treasury companies: without operating cash flow, BTC revaluation losses hit financial statements.
Source: TokenPost