Twenty One Capital shares tumble as CEO Jack Mallers exits and Tether scraps plans to merge three firms into a Bitcoin-focused entity.
Twenty One Capital (XXI) shares fell 18% on Tuesday after CEO Jack Mallers stepped down, returning to payments firm Strike. The decline extends an 80% drop from last year’s highs, reflecting investor unease over leadership changes and scrapped plans.
Tether abandoned its merger of Twenty One, Strike, and Elektron Energy into a single publicly traded Bitcoin entity. XXI, listed via SPAC in December 2025, holds 43,514 BTC worth over $4 billion, trailing only MicroStrategy in public Bitcoin holdings.
The stock’s slide follows Mallers’ departure and the collapse of Tether’s consolidation strategy, which aimed to create a dominant Bitcoin-focused conglomerate.