Jack Mallers steps down as XXI Capital CEO as Tether's plans to merge three bitcoin firms falls
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Tether-controlled investment firm Twenty One Capital (XXI) has named Raphael Zagury as its new CEO, replacing Jack Mallers, who stepped down effective July 20 to refocus on Strike, the bitcoin payments company he founded. Strike, previously part of plans for a three-way merger involving Twenty One Capital and bitcoin mining company Elektron Energy, will now remain independent and is no longer being considered for a business combination.
The proposed merger, initially announced in April, aimed to unite bitcoin treasury management, financial services, and mining operations under a single listed entity. However, with Strike withdrawing from the arrangement, Twenty One Capital is reassessing its corporate strategy and weighing a potential two-way combination with Elektron Energy instead.
According to Twenty One Capital's revised plans, the firm will concentrate on acquiring operating businesses, expanding capital markets capabilities, and developing bitcoin-backed lending services. Tether, the controlling shareholder of Twenty One Capital, confirmed the leadership change and strategic updates in a separate announcement. At the time of reporting, market reactions to these developments have been minimal, and CoinDesk had not yet received comments from any of the three companies involved.