Tether's Twenty One plan collapses 🛑

Jack Mallers has stepped down as Twenty One Capital CEO, as Tether's bid to bring together the Bitcoin treasury firm, Strike and Elektron Energy under one roof foundered.

Author

Stephen Graves
July 21, 2026

đź“ť What you need to know

Jack Mallers has stepped down as CEO of Twenty One Capital, returning to Bitcoin payments firm Strike. The news lands as stablecoin issuer Tether’s ambitious plan to bring together Twenty One, Strike and mining infrastructure firm Elektron Energy under one roof foundered, with Strike remaining a standalone company.

Elektron and Twenty One remain in early discussions over a potential two-way deal, but no agreement has been reached. Twenty One’s shares, meanwhile, plunged by double digits on the news, as incoming CEO Raphael Zagury promised institutional discipline as headwinds mount for digital asset treasury firms.

Jack Mallers Quits Twenty One Capital as Tether's Bitcoin Merger Collapses

Twenty One stock dropped nearly 18% after Jack Mallers stepped down and Tether's plan to combine three Bitcoin firms fell apart.

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