Jack Mallers steps down as XXI Capital CEO as Tether's plans to merge three bitcoin firms falls
Jack Mallers has stepped down as CEO of XXI Capital to focus on his bitcoin payments firm, Strike, following the collapse of a proposed merger involving Tether. XXI Capital is now pivoting its strategy toward business acquisitions and bitcoin-backed lending services.
Why it matters
The failed merger highlights the ongoing consolidation and strategic shifts within the cryptocurrency sector as firms navigate regulatory and market pressures.
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.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in