The people building Twenty One Capital.

Leadership team

• Raphael Zagury

  Chief Executive Officer

  Raphael is Chief Executive Officer of Twenty One, leading its strategy and capital allocation, and Chief Executive Officer and Founder of Elektron Energy. He co-founded OpenCo, held executive and trading roles at Goldman Sachs, Merrill Lynch and Deutsche Bank in New York, and holds an MBA from Yale University.

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  Raphael Zagury has served as Chief Executive Officer of Twenty One since July 2026 and as a member of our Board since December 2025. He is the Chief Executive Officer and Founder of Elektron Energy, a Bitcoin mining and energy infrastructure company, and serves on the board of OCEAN, a Bitcoin mining pool.

  Before that, he founded One Partners, an investment bank, and co-founded OpenCo, a lending fintech, where he also served as Chief Financial Officer, leading multiple capital raises through Series D with global investors. Earlier in his career, Mr. Zagury was based in New York City, where he held executive and trading roles at Safra National Bank, Goldman Sachs, Merrill Lynch, and Deutsche Bank.

  Mr. Zagury holds an MBA from Yale University and a B.A. in Economics from IBMEC, and has passed all three levels of the CFA Program.

  ExperienceElektron EnergyOpenCoOne PartnersDeutsche BankMerrill LynchGoldman SachsSafra National Bank

  EducationYale UniversityIBMEC

• Steven Meehan

  Chief Financial Officer

  Steven leads finance at Twenty One, with more than 25 years of financial and operational leadership experience. He was CFO of Kadmon Holdings through its sale to Sanofi and previously held senior roles at Moelis & Company and UBS Investment Bank.

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  Steven Meehan is Chief Financial Officer of Twenty One. He is a financial services and management professional with more than 25 years of financial and operational leadership experience spanning corporate strategy, M&A, capital raising and financial planning and analysis.

  He was CFO of Kadmon Holdings, a publicly traded life-sciences company, where he assisted in the development of a drug from the lab to FDA approval and in its subsequent sale to Sanofi for approximately $2 billion. Before Kadmon, Steven was a partner in the Healthcare Group of Moelis & Company, leading its effort in Life Sciences and Advanced Diagnostics. Earlier, he was Head of Life Sciences within the Global Healthcare Group in the New York office of UBS Investment Bank. During his tenure at UBS, he was Chief Executive Officer of UBS Russia and the former Soviet Union across all businesses, including securities, banking and wealth management, and a member of the UBS Group's EMEA Management Committee.

  Steven also served as Managing Director, Head of M&A and Co-Head of Life Sciences at Scale Consulting, where he provided advisory and due-diligence services to private equity firms. During his investment banking career, he held senior roles in M&A, leveraged finance and capital markets at Salomon Smith Barney, NatWest Securities and Drexel Burnham Lambert. He has also served on several healthcare boards of directors and advisers.

  Steven holds a B.S. in Business Administration and Finance from the University of Massachusetts Lowell.

  ExperienceKadmon HoldingsMoelis & CompanyUBS Investment BankScale ConsultingSalomon Smith BarneyNatWest SecuritiesDrexel Burnham Lambert

  EducationUniversity of Massachusetts Lowell

• James Nguyen

  General Counsel and Chief Compliance Officer

  James leads Twenty One's legal and compliance work. He previously served as General Counsel at Sky Mavis and as General Counsel and Chief Compliance Officer of Robinhood's crypto business.

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  James Nguyen is General Counsel and Chief Compliance Officer of Twenty One, where he leads the company's legal function. He is an experienced general counsel with prior leadership roles in the crypto and technology industries.

  Before joining Twenty One, James served as General Counsel at Sky Mavis, a global blockchain and technology company that pioneered the use and adoption of blockchain technology in digital gaming and experiences. Before Sky Mavis, he was an executive at Robinhood, serving in various leadership roles and most recently as General Counsel and Chief Compliance Officer of its crypto business. Early in his career, James represented leading financial-services and technology companies in private practice at Morrison & Foerster.

  James holds a J.D. from Berkeley Law, an M.P.P. from Harvard Kennedy School and a B.A. in Economics and Political Science from California State University San Marcos.

  ExperienceSky MavisRobinhoodMorrison & Foerster

  EducationBerkeley LawHarvard Kennedy SchoolCalifornia State University San Marcos

• Kara Casey

  Chief of Staff

  Kara leads the work of building Twenty One's organization, including its people, projects and operating processes. She has more than 15 years of experience, including roles at Elektron, the Cambridge Centre for Alternative Finance and NYSE Governance Services.

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  Kara Casey is Chief of Staff at Twenty One. She leads company-wide strategic projects and the development of the people, processes and culture the company needs as it grows.

  She previously served as Chief of Staff at Elektron. At the Cambridge Centre for Alternative Finance, she established the project-management office and led hiring initiatives. Her experience also includes operations at Five Elms Capital, serving on the founding team of Patient Discovery as Vice President of Customer Success, and work on integration and go-to-market strategy at NYSE Governance Services within Intercontinental Exchange.

  Kara holds an MBA from Cambridge Judge Business School and a B.A. in International Studies from Boston College.

  ExperienceElektronCambridge Centre for Alternative FinanceFive Elms CapitalPatient DiscoveryNYSE Governance Services

  EducationCambridge Judge Business SchoolBoston College

• Nico Moran

  Head of Communications

  Nico leads Twenty One's communications with shareholders and the wider Bitcoin community. He is founder and host of Simply Bitcoin, with experience in live broadcasting, interviews and Bitcoin education.

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  Nico Moran is Head of Communications at Twenty One, leading how the company communicates its strategy, decisions and progress.

  He is the founder and host of Simply Bitcoin, an independent media platform covering Bitcoin news, markets and education. His work includes daily live programming and long-form interviews with entrepreneurs, educators, policymakers and people building businesses around Bitcoin.

  ExperienceSimply Bitcoin

Board of Directors

• Paolo Ardoino

  Chairman of the Board

  Paolo is Chairman of Twenty One's Board, CEO of Tether and CTO of Bitfinex. He is a technology scientist with a background in distributed systems and cryptography.

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  Paolo Ardoino has served as a member of our Board since December 2025 and is its Chairman. He is the CEO of Tether since December 2023 and the CTO of Bitfinex. He is a technology scientist with a background in distributed systems and cryptography. Paolo’s career journey has seen him co-found Keet, a secure video calling app, and assume leadership positions in the cryptocurrency and tech sectors, in addition to his 10 years of experience at Tether. He’s a driving force behind innovation in finance and technology, empowering global communications and promoting financial freedom. At Tether, Paolo leads the global team daily, with deep focus on strategy, technology and execution.

  We believe Mr. Ardoino is well suited to serve on the Company Board due to his more than 20 years’ experience in technology engineering and research, with a strong focus on cryptography, distributed applications and decentralization, as well as his position as the CEO of Tether, which is a majority shareholder of Twenty One Capital’s Class B Common Stock.

  Director since December 2025.

  ExperienceTetherBitfinex

• Paul S. Lalljie

  DirectorIndependent

  Paul is President and CFO of Powerfleet. He previously served as CEO and CFO of 2U and as CFO of Neustar, bringing extensive experience in public-company finance and management.

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  Paul S. Lalljie is President and Chief Financial Officer of Powerfleet. Previously, he served as Chief Financial Officer and then Chief Executive Officer of 2U. He spent approximately 18 years at Neustar, including nearly a decade as Executive Vice President and Chief Financial Officer.

  Paul also serves on Bitdefender's Supervisory Board and chairs its Audit Committee.

  Director since June 2026.

  ExperiencePowerfleet2UNeustarBitdefender

• Karl Olsoni

  DirectorIndependent

  Karl’s career spans energy operations, infrastructure investing and corporate finance. He most recently was an Operating Partner with Quinbrook Infrastructure Partners and has held senior roles at Capital Dynamics, PPM Energy (now Avangrid), Koch Industries and Southern Company. Karl previously has served as an independent director with two other public companies, serving with Canadian Solar, a manufacturer of solar panels and a solar power project developer, and with SDCL EDGE, a blank check company focused on energy efficiency.

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  Karl Olsoni is an Operating Partner at Quinbrook Infrastructure Partners. He previously served as a Managing Director in Capital Dynamics’ Clean Energy and Infrastructure team, as CFO and Senior Vice President of PPM Energy, and as CFO of Koch Materials. During 16 years at Southern Company, he was part of the original management team that built its independent power and merchant energy business. Karl previously has served as an independent director with two other public companies, serving with Canadian Solar, a manufacturer of solar panels and a solar power project developer, and with SDCL EDGE, a blank check company focused on energy efficiency.

  Karl holds a B.A. in Economics from George Washington University and an MBA from the College of William and Mary.

  Director since June 2026.

  ExperienceQuinbrook Infrastructure PartnersCapital DynamicsPPM EnergyKoch MaterialsSouthern CompanyCanadian SolarSDCL EDGE

  EducationGeorge Washington UniversityCollege of William and Mary

• David J. Goldschmidt

  DirectorIndependent

  David is a retired Skadden partner and former global head of its Capital Markets practice. His work included advising issuers and underwriters on IPOs and other securities offerings.

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  David J. Goldschmidt spent 37 years at Skadden, Arps, Slate, Meagher & Flom, where he served as global head of the firm's Capital Markets practice. He advised issuers and underwriters on initial public offerings and other securities transactions, including work with technology companies and real estate investment trusts.

  He retired from Skadden at the end of 2025. David holds a J.D. from New York University School of Law and a B.A., magna cum laude, from New York University.

  Director since September 2026.

  ExperienceSkadden, Arps, Slate, Meagher & Flom

  EducationNew York University School of LawNew York University

• Zachary Lyons

  Director

  Zachary is Chief Investment Officer of Tether and previously its Deputy Chief Investment Officer, heading its venture investment arm. He is Principal of Marlin Capital Partners and was earlier CIO of BankPro and a Senior Investment Analyst at Deltec Bank & Trust.

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  Zachary Lyons has served as a member of our Board since December 2025. He is the Chief Investment Officer of Tether, appointed in March 2026; he previously served as Deputy Chief Investment Officer, where he headed Tether’s venture investment arm.

  In addition to his work with Tether over the last decade, he is also the Principal of Marlin Capital Partners, a Fund Management and Advisory firm located in Nassau, Bahamas. Previously, he was Chief Investment Officer at BankPro Limited, where he led the development of the investment product offering of BankPro’s “digital private banking” service. Zachary was a Senior Investment Analyst at Deltec Bank & Trust, where he co-built the Institutional Asset Management business, and led the management of the Deltec Dynamic Cash Management Fund. Prior to Deltec, Zachary worked as an Investment Specialist at BSI (Overseas) Bahamas branch. Zachary graduated magna cum laude from the Wharton School of the University of Pennsylvania with a B.Sc. in Economics, and a minor in Italian. He has been a CFA charter holder since 2019.

  We believe Mr. Lyons is well suited to serve on the Company Board due to his extensive financial and capital markets experience spanning over a decade, a vision for leading innovation and development and his position as the Chief Investment Officer of Tether.

  Director since December 2025.

  ExperienceTetherMarlin Capital PartnersBankProDeltec Bank & TrustBSI

  EducationWharton School, University of Pennsylvania

• Robert “Bo” Hines

  Director

  Bo is CEO of Tether USA₮ and formerly served as Executive Director of the White House Crypto Council. He holds a B.A. from Yale University and a J.D. from Wake Forest University School of Law.

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  Robert “Bo” Hines has served as a member of our Board since December 2025. He is a legal and policy expert specializing in financial regulation, digital assets and blockchain technology. He formerly served as the Executive Director of the Presidential Council of Advisers for Digital Assets, where he played a critical role in shaping policy and regulatory frameworks for the evolving digital economy. Mr. Hines is currently Chief Executive Officer of Tether USA₮.

  He earned his Bachelor of Arts degree from Yale University, where he also played as a wide receiver for the Yale Bulldogs football team. He later obtained his Juris Doctor from Wake Forest University School of Law in 2022.

  With a background in law, public policy and financial regulation, Bo has been actively involved in legal strategy, legislative affairs and financial innovation. His expertise spans regulatory compliance, digital asset governance and the intersection of blockchain technology with institutional finance. Prior to his current role, he worked extensively on legislative initiatives and policy development, focusing on capital markets, financial technology and the responsible integration of blockchain solutions within regulatory frameworks.

  Mr. Hines’ leadership in digital assets and financial policy continues to position him as a key voice in the future of blockchain regulation and digital finance.

  We believe Mr. Hines is well suited to serve on the Company Board due to his policy expertise and experience in shaping policy and regulatory frameworks for the evolving digital economy, as well as his background in law and financial regulation.

  Director since December 2025.

  ExperienceTether USA₮Presidential Council of Advisers for Digital Assets

  EducationYale UniversityWake Forest University School of Law

• Raphael Zagury

  Director and Chief Executive Officer

  Raphael leads Twenty One's strategy and capital allocation. Read his biography in the leadership team above.

Board information as of September 8, 2026. Independence reflects the Board's determinations. Committee charters and governance guidelines are among our governance documents.