Tether-led three-way crypto merger collapses; Mallers steps down as CEO

XXI Twenty One Capital Inc

$4.95 -1.00%

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1. 1The merger of Twenty One Capital, Strike, and Electron Energy has fallen through, with Jack Mallers stepping down as CEO of Twenty One Capital.
2. 2Electron CEO Raphael Zagury has taken on the additional role of CEO at Twenty One Capital; Strike will remain an independent company with no plans to merge with Twenty One, while discussions between Twenty One and Electron are ongoing.
3. 3The merger, proposed by Tether in April, aimed to combine the three firms into a single entity spanning asset accumulation, trading, and Bitcoin mining, but Twenty One Capital's stock has fallen 40% from its early-May high to $5.32.

Source Bloomberg +6 · View original ↗

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