Twenty One Capital, Strike, Elektron Merger Scrapped; Mallers Steps Down

A proposed merger involving Tether-backed crypto companies Twenty One Capital, Strike, and Elektron Energy has been scrapped, according to Bloomberg. Jack Mallers will step down as CEO of Twenty One Capital while remaining CEO of Strike. Strike will continue operating as a standalone company instead of combining with Twenty One Capital, with discussions between Twenty One and Elektron Energy continuing. Tether holds majority stakes in both Twenty One Capital and Elektron Energy. Twenty One's NYSE-traded shares under ticker XXI were little changed in Tuesday's premarket activity.

Mallers Steps Down from Twenty One Capital CEO Role

Jack Mallers will step down as CEO of Twenty One Capital while remaining CEO of Strike, according to Bloomberg. Strike will continue operating as a standalone company instead of combining with Twenty One Capital. Discussions between Twenty One Capital and Elektron Energy are continuing.

Tether Holds Majority Stakes in Twenty One and Elektron

Tether holds majority stakes in both Twenty One Capital and Elektron Energy. In April, Tether said it planned to vote in favor of a proposed merger between Twenty One Capital and Mallers' Bitcoin payments company Strike. The proposal also envisioned merging the combined company with Bitcoin miner Elektron Energy. Twenty One Capital launched in 2025 with backing from Tether, Cantor Fitzgerald, and SoftBank. Tether bought SoftBank's stake in the company in May.

Twenty One Capital Holds 43,514 Bitcoin

Twenty One Capital held 43,514 Bitcoin at the time of writing, making it the world's second-largest corporate BTC holder behind Michael Saylor's Strategy, according to tracking website BitcoinTreasuries.

FAQ

What happened to the merger between Twenty One Capital, Strike, and Elektron Energy?

The proposed merger involving Tether-backed crypto companies Twenty One Capital, Strike, and Elektron Energy has been scrapped. Strike will continue operating as a standalone company instead of combining with Twenty One Capital, while discussions between Twenty One Capital and Elektron Energy are continuing.

How much Bitcoin does Twenty One Capital hold?

Twenty One Capital held 43,514 Bitcoin at the time of writing, making it the world's second-largest corporate Bitcoin holder behind Michael Saylor's Strategy, according to tracking website BitcoinTreasuries.

What is Jack Mallers' role after the merger cancellation?

Jack Mallers will step down as CEO of Twenty One Capital while remaining CEO of Strike. Strike will continue operating as a standalone company.