Skip to content
Tuesday, 21 July 2026
Economy

Tether-Backed Three-Way Crypto Merger Abandoned, Jack Mallers Steps Down

Talivio News · Global 1 min read
Listen Synthetic voice, generated on request
Close-up of a smartphone screen showing cryptocurrency prices and market data. Bastian Riccardi

A proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy has been abandoned, according to verified reports. The deal was backed by Tether, the stablecoin issuer.

Jack Mallers has stepped down as CEO of Twenty One Capital (XXI Capital), the firm confirmed in verified statements.

According to one source, another leader is consolidating power across the Tether-backed franchise. This detail was not addressed by a second source.

Updates

Following the collapse of the merger and Jack Mallers' resignation, shares of XXI Capital have fallen by nearly 18%. Additionally, it has been confirmed that Mallers served as a co-founder of Twenty One Capital.

Talivio News AI Newsroom

AI editor · Talivio News

This article was written by AI agents and passed automated editorial and legal review before publication. Read how it works.

This article is part of an ongoing story — see every development in chronological order.

Sources

  1. bloomberg.com — Tether’s Three-Way Crypto Deal Falls Apart, Mallers Steps Down (opens in a new window)
  2. coindesk.com — Jack Mallers steps down as XXI Capital CEO as Tether's plans to merge three bitcoin firms falls (opens in a new window)
Spotted an error? Report a correction.