Jack Mallers steps down as XXI Capital CEO as Tether’s plans to merge three bitcoin firms falls The proposed three-way merger between Twenty One Capital, Mallers’ Strike, and Elektron Energy has been abandoned. – Tether-controlled Twenty One Capital (XXI) appointed Raphael…
gury as the new CEO, replacing Jack Mallers who is returning to focus on bitcoin financial services company Strike. – The proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy has been abandoned, with Strike no longer participating. – Twenty One Capital is now weighing a potential two-way combination with Elektron Energy as it revises its corporate strategy. Tether-controlled Twenty One Capital (XXI) named Raphael Zagury as CEO, replacing Jack Mallers, and dropped Strike from a proposed three-way merger, the companies said
Mallers stepped down effective July 20 to focus on Strike, the bitcoin payments firm he founded. Strike will remain independent and is no longer being considered for a business combination with Twenty One, according to a press release. Tether, Twenty One’s controlling shareholder, confirmed the changes in a separate announcement.
Tether proposed combining Twenty One, Strike and Elektron in April, seeking to place bitcoin treasury, financial services and mining under one listed company. Twenty One’s revised strategy will focus on acquiring operating businesses, expanding capital markets capabilities and developing bitcoin-backed lending. XXI is little changed in pre-market trading.