A source reports power consolidation within the Tether-backed franchise following the abandoned three-way merger and CEO resignation.
Bastian Riccardi
A proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy has been abandoned. 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.
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.
