Tether-controlled Twenty One Capital (XXI) announced Raphael Zagury as its new CEO following Jack Mallers's resignation on July 20. Mallers will concentrate on his bitcoin payments company Strike, which will remain independent after being dropped from a planned three-way merger.
Merger plans abandoned
The initial proposal to merge Twenty One Capital, Strike, and Elektron Energy into a single listed entity was called off. Strike withdrew from the arrangement, ending plans to integrate bitcoin treasury, financial services, and mining under one corporate umbrella.
New strategic direction
XXI Capital is now focusing on potential two-way combinations with Elektron Energy and shifting its strategy toward acquiring operational businesses, enhancing capital market services, and developing bitcoin-backed lending products.
Tether, the major shareholder in XXI, confirmed the management changes and the revised corporate plans in separate statements. Mallers founded Strike and will return to leading its bitcoin financial services efforts exclusively.
Market response
Pre-market trading showed little change in XXI's stock price following the announcements. CoinDesk reached out to all involved companies but received no immediate comments.
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