Key facts
- Jack Mallers has resigned as CEO of Twenty One Capital.
- The proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy has been abandoned.
- Strike will remain an independent company.
- Raphael Zagury has been appointed as the new CEO of Twenty One Capital.
- Twenty One Capital is exploring a potential two-way merger with Elektron Energy.
Jack Mallers has stepped down as CEO of Twenty One Capital, a Bitcoin treasury management company, to return his focus to Strike, the Bitcoin payments firm he founded. The decision coincides with the abandonment of a proposed three-way merger that would have combined Twenty One Capital, Strike, and Bitcoin miner Elektron Energy. Strike will continue to operate as a standalone entity. Twenty One Capital, which is controlled by Tether, is now re-evaluating its strategy and considering a potential two-way combination with Elektron Energy. The company holds a significant amount of Bitcoin, making it the second-largest corporate BTC holder. Shares of Twenty One Capital fell nearly 18% on Tuesday following the news.