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Jack Mallers exits Twenty One Capital as Tether merger plan collapses

Twenty One Capital shares fell nearly 18% after Jack Mallers stepped down as CEO, and Tether abandoned a planned merger that would have combined the company with Strike and Elektron Energy.

Reported · Written up by our desk · Market Structure

Jack Mallers stepped down as CEO of Twenty One Capital and said he is returning to Bitcoin payments firm Strike, which will remain independent, according to Decrypt. The co-founder also endorsed the company’s earlier vision, after Twenty One was listed on the New York Stock Exchange in December 2025 through a SPAC merger.

The market reaction was sharp. Twenty One shares dropped nearly 18% on Tuesday, extending a slide that leaves the stock down more than 80% from last year’s highs.

Alongside Mallers’ exit, Decrypt reported that Tether has officially abandoned its plan to merge Twenty One, Strike, and Elektron Energy into a single publicly traded Bitcoin company. The proposed structure would have combined Twenty One’s treasury operations, Strike’s Bitcoin payments and lending platform, and Elektron’s mining infrastructure under one listed entity.

Twenty One still holds 43,514 BTC, which Decrypt said is worth more than $4 billion at current prices and ranks it second among public companies for Bitcoin holdings, behind Strategy. Decrypt also noted that Tether first pitched the merger idea in April 2026 at the Bitcoin Conference.

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