XXI stock plunges 18% after CEO's abrupt exit

The era of the pure Bitcoin treasury play is dead. Twenty One Capital is pivoting away from simple accumulation to focus on "operating rigor" and cash flow—a move so divisive it forced Jack Mallers to resign and killed the Strike merger. If the world’s second-largest corporate holder is abandoning the "HODL" strategy to act like a legacy institution, it proves that just owning Bitcoin isn't a viable business model. Is the MicroStrategy-style treasury strategy actually a failure?
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