Twenty One Capital Cancels Merger, Appoints New CEO

Twenty One Capital, a publicly traded firm known for its massive Bitcoin holdings, has terminated a planned three-way merger with the payments company Strike and the mining firm Elektron Energy and announced a leadership change effective July 21, 2026. Founder Jack Mallers has stepped down as chief executive, with Elektron's founder and CEO, Raphael Zagury, taking his place.

The collapse of the merger marks the end of a strategic vision first proposed by Tether, the stablecoin issuer that holds majority stakes in both Twenty One Capital and Elektron, in late April. That plan aimed to create a combined Bitcoin platform encompassing treasury holdings, payments, and mining. Mallers is now returning his full attention to Strike, which will remain an independent company. Discussions between Twenty One Capital and Elektron are continuing, though any future deal would face heightened scrutiny as a related-party transaction due to Tether's controlling ownership in both.

The leadership transition and strategic pivot come as companies focused primarily on holding digital assets face market pressure. Bitcoin's price decline has contributed to losses across the sector. Twenty One Capital's...