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Jack Mallers exits XXI Capital CEO role after merger plan is dropped
XXI Capital said it abandoned a three-way combination with Strike after Mallers stepped down effective July 20, with Strike no longer participating.
CoinDesk reports that Tether-controlled Twenty One Capital, known as XXI Capital (XXI), appointed Raphael Zagury as CEO, replacing Jack Mallers, who is stepping down effective July 20 to focus on Strike, the bitcoin payments firm he founded.
Alongside the leadership change, the companies said the proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy has been abandoned, with Strike no longer participating in any business combination.
CoinDesk says the revised strategy leaves Twenty One Capital weighing a potential two-way combination with Elektron Energy as it updates its corporate direction.
The report adds that Tether had proposed combining Twenty One, Strike, and Elektron in April to bring bitcoin treasury, financial services, and mining under one listed company, and that the new approach will focus on acquiring operating businesses, expanding capital markets capabilities, and developing bitcoin-backed lending.
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