Jack Mallers steps down as XXI Capital CEO as Tether's plans to merge three bitcoin firms falls

Finance Jack Mallers steps down as XXI Capital CEO as Tether's plans to merge three bitcoin firms falls The proposed three-way merger between Twenty One Capital, Mallers' Strike, and Elektron Energy has been abandoned. By Francisco Rodrigues | Edited by Stephen Alpher Jul 21, 2026, 12:42 p.m. 1 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Jack Mallers (CoinDesk TV) Summary Show Tether-controlled Twenty One Capital (XXI) appointed Raphael Zagury as the new CEO, replacing Jack Mallers who is returning to focus on bitcoin financial services company Strike. The proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy has been abandoned, with Strike no longer participating. Twenty One Capital is now weighing a potential two-way combination with Elektron Energy as it revises its corporate strategy. Tether-controlled Twenty One Capital (XXI) named Raphael Zagury as CEO, replacing Jack Mallers, and dropped Strike from a proposed three-way merger, the companies said. Mallers stepped down effective July 20 to focus on Strike, the bitcoin payments firm he founded. Strike will remain independent and is no longer being considered for a business combination with Twenty One, according to a press release . Tether, Twenty One's controlling shareholder, confirmed the changes in a separate announcement. Tether proposed combining Twenty One, Strike and Elektron in April, seeking to place bitcoin treasury, financial services and mining under one listed company. Twenty One's revised strategy will focus on acquiring operating businesses, expanding capital markets capabilities and developing bitcoin-backed lending. XXI is little changed in pre-market trading. CoinDesk has reached out to all three companies, but hasn’t heard back at the time of writing. Tether Bitcoin News Latest Crypto News 1 Bitcoin rally has broad-based support as institutions, whales, options traders pile in 1 hour ago 2 Clarity odds jump to 43% on Polymarket after unverified reports Trump agreed to ethics deal 1 hour ago 3 Crypto markets rally on Clarity progress report, Asian chip-stock rebound 1 hour ago 4 XRP jumps 4% as traders watch 'triangle breakout' toward $1.35 5 hours ago 5 Live markets: Bitcoin rises to five-week high above $66,400 on rising hope for Clarity Act 5 hours ago 6 UK Parliament begins inquiry into banking chokepoint for crypto businesses 6 hours ago 7 Bitcoin hits one-month high above $66,000 as the chip trade turns back into a tailwind 7 hours ago 8 Inside Cardano's 'Van Rossum' hard fork, and what it means for users 22 hours ago 9 Exodus to cut 25% of global workforce in payments shift 22 hours ago 10 AI compute stocks bounce as Hut 8, IREN land billions in new contracts 22 hours ago Latest Research Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. By CoinDesk Research Jul 13, 2026 CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. Why it matters : CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. View Full Report More From Finance Live markets: Bitcoin rises to five-week high above $66,400 on rising hope for Clarity Act Exodus to cut 25% of global workforce in payments shift AI compute stocks bounce as Hut 8, IREN land billions in new contracts