Jack Mallers is stepping down as CEO of Twenty One Capital to focus on Strike, while Twenty One and Strike abandon their planned combination. Raphael Zagury takes over Twenty One, tasked with building cash-generating operations around its large Bitcoin treasury amid market challenges.
Jack Mallers resigned as CEO of Twenty One Capital, causing its shares to drop nearly 15%. His departure coincides with the collapse of Tether's plan to merge Twenty One, Strike, and Elektron Energy into a single public entity. Raphael Zagury has been named the new CEO, promising institutional discipline.
A proposed merger involving Tether-backed Twenty One Capital, Strike, and Elektron Energy has been scrapped. Strike will now operate as a standalone company, while Jack Mallers steps down as Twenty One Capital CEO, succeeded by Raphael Zagury. Discussions between Twenty One and Elektron Energy are ongoing.
Crypto funds experienced over $1 billion in outflows as geopolitical tensions between the US and Iran led to a risk-off sentiment. Meanwhile, Tether expanded its influence by acquiring SoftBank's stake in Twenty One Capital, and Bernstein highlighted Bitcoin miners' strategic role in AI infrastructure.
Tether has fully acquired SoftBank's stake in Twenty One Capital (XXI), a Bitcoin-buying firm. SoftBank's departure led to the resignation of its board members and left XXI temporarily non-compliant with NYSE rules. The deal consolidates Tether's control over the venture.
Tether buys SoftBank's 26% stake in Twenty One Capital, a Bitcoin treasury company, deepening its influence as the firm expands into lending, mining, and capital markets.
Tether, majority shareholder of Twenty One Capital, proposed a three-way merger with Bitcoin payments company Strike and Bitcoin mining firm Elektron Energy. Shares of Twenty One Capital jumped 6.6% in after-hours trading to $8.35, after closing down 1.7% at $7.83. The combined company would integrate Strike's financial services platform with Elektron's mining infrastructure. Twenty One Capital holds 43,514 Bitcoin, second only to Strategy Inc. which holds 818,334 BTC.
