Jack Mallers Exits Twenty One Capital as Tether Merger Fails (BTC)

Jack Mallers, the founder of the Bitcoin payment app Strike, has officially resigned from his role as CEO of Twenty One Capital. This move comes as the planned three way merger between Strike, Twenty One, and Elektron Energy has fallen apart. Mallers shared the news in a video, explaining that he and the board had different ideas about the company's future direction.

Twenty One Capital was originally set up as a treasury company controlled by Tether. The goal was to create a massive platform combining mining, financial services, and capital markets. Now, Strike will remain a separate company. This change shows a shift in how these big Bitcoin players are organizing their businesses, focusing more on independent growth rather than a single giant entity.

Raphael Zagury is taking over the CEO role at Twenty One Capital. He plans to focus on lending backed by Bitcoin and generating steady cash flow. While the merger with Strike is dead, the company might still team up with Elektron Energy in the future. For now, Mallers is heading back to focus entirely on Strike, which continues to be a major player in the Bitcoin space.