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Strike to remain standalone after proposed Twenty One, Elektron merger scrapped

The scrapped plan would have merged Tether-backed Twenty One Capital, Strike and Elektron Energy, with Jack Mallers set to step down as Twenty One CEO while staying CEO of Strike.

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Cointelegraph reports, citing Bloomberg, that a proposed three-way merger involving Tether-backed crypto firms Twenty One Capital, Strike, and Elektron Energy has been scrapped, and Strike will continue to operate as a standalone company.

Bloomberg also said that Jack Mallers will step down as CEO of Twenty One Capital but will remain CEO of Strike, while Elektron Energy CEO Raphael Zagury has been appointed to succeed Mallers at Twenty One.

The report says discussions between Twenty One and Elektron are still continuing, and that Tether holds majority stakes in both companies.

Cointelegraph adds that the NYSE-traded shares of Twenty One Capital (XXI) were little changed in Tuesday premarket activity, and that Twenty One held 43,514 Bitcoin at the time of writing, making it the world’s second-largest corporate BTC holder behind Strategy, according to BitcoinTreasuries.

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