Jack Mallers has stepped down as CEO of Twenty One Capital, also known as XXI Capital, and Tether’s planned three-way merger involving the firm, Strike, and Elektron Energy has been abandoned, according to company statements. No reasons were provided for either move.
Merger Falls Apart
Tether, the company behind the USDT stablecoin, had been working on a merger that would combine Twenty One Capital, Strike, and Elektron Energy. The deal would have brought together three distinct entities. The merger has now been called off with no public explanation. The companies have not commented further on the decision.
Mallers Leaves the Top Job
Mallers, who founded Twenty One Capital, has left the CEO role. The company has not named a successor or detailed the transition. His exit comes at a time of uncertainty for the firm, following the merger’s collapse. It is unclear whether the two events are linked.
What’s Next for the Companies
Twenty One Capital now faces a leadership vacuum. Strike and Elektron Energy, which were part of the proposed merger, will continue operating independently. Tether has not indicated whether it will pursue other deals. The lack of disclosure leaves investors and observers in the dark.
No further announcements have been made. The reasons for the merger’s failure and Mallers’ departure remain unknown.
