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Tether-Backed Twenty One, Strike Merger Scrapped: Bloomberg
- On Monday, July 20, the proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy was scrapped, with Jack Mallers stepping down as CEO of Twenty One Capital and Elektron CEO Raphael Zagury assuming the role.
- Tether proposed combining the three firms in April to house bitcoin treasury, financial services, and mining under one listed company, though the strategy evolved as Mallers decided to focus full-time on Strike.
- Strike intends to remain a standalone company, while Twenty One Capital's share price has slumped 40% from a peak in early May to $5.32, with Zagury aiming to pivot the firm toward acquiring operating businesses.
- Tether, the controlling shareholder, confirmed the leadership changes and strategy shift, with Zagury stating he wants the firm to focus on generating cash flow and capital allocation.
- XXI shares remained little changed in pre-market trading following the announcement, as the firm continues building its capital markets foundation after launching in December through a Tether-backed SPAC.
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Jack Mallers Steps Down as Twenty One Capital CEO as Tether Merger Unravels
Bitcoin financial-services company Strike founder Jack Mallers has stepped down as chief executive of Twenty One Capital, the Tether-controlled treasury company he helped launch. In a video statement posted to X, Mallers said he had decided to leave to return to Strike. Mallers tied his departure to a disagreement over direction, saying that over time “the board and I did not agree on the path toward building for that vision.” He described the s…
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Total News Sources31
Leaning Left0Leaning Right1Center5Last UpdatedBias Distribution83% Center
Bias Distribution
- 83% of the sources are Center
83% Center
C 83%
R 17%
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