The three-way merger involving Twenty One Capital, Mallers' Strike, and Elektron Energy has been called off.
By Francisco Rodrigues|Edited by Stephen AlpherUpdated Jul 21, 2026, 12:45 p.m. Published Jul 21, 2026, 12:42 p.m. 1 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Jack Mallers (CoinDesk TV)SummaryShow- Tether-controlled Twenty One Capital (XXI) has appointed Raphael Zagury as the new CEO, succeeding Jack Mallers, who will now concentrate on his bitcoin financial services venture, Strike.
- The planned merger involving Twenty One Capital, Strike, and Elektron Energy has been scrapped, with Strike withdrawing from the deal.
- Twenty One Capital is now considering a possible merger with Elektron Energy as it revises its corporate approach.
Twenty One Capital (XXI), which is under Tether's control, has appointed Raphael Zagury as its CEO, taking over from Jack Mallers, who is returning to focus on his company, Strike. The proposed three-way merger with Strike and Elektron Energy has been abandoned, the companies announced.
Mallers' resignation took effect on July 20, allowing him to concentrate on Strike, which will continue to operate independently and is no longer under consideration for a merger with Twenty One, as noted in a press release.
Tether, the majority stakeholder in Twenty One, confirmed these developments in a separate statement.
Previously, in April, Tether had suggested a merger of Twenty One, Strike, and Elektron to consolidate bitcoin treasury operations, financial services, and mining under a single publicly traded entity.
Twenty One Capital is now looking to acquire operational businesses, enhance its capital markets capabilities, and create bitcoin-backed lending options as part of its updated strategy.
In pre-market trading, shares of XXI saw little change.
CoinDesk has reached out to the three companies for comments, but no responses have been received as of the time of this report.
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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 ResearchJul 13, 2026CEX 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.
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