Jack Mallers exits Twenty One Capital as Strike abandons a Tether-backed three-way bitcoin merger deal.
Ecosystem ·
Jack Mallers has stepped down as head of Twenty One Capital, a Bitcoin treasury company, with Raphael Zagury taking the CEO role. The departure coincides with Strike's exit from a three-way merger deal that was backed by Tether. Twenty One Capital previously raised approximately $685 million.
The merger arrangement represented an attempt to bring together multiple parties around a Bitcoin-focused initiative, with Tether's involvement suggesting stablecoin integration into the structure. Strike's withdrawal from the transaction signals a breakdown in the broader partnership framework that had been under negotiation.
The reasons for Mallers' departure and Strike's exit remain unclear. No statement has been provided explaining the strategic rationale behind either decision, leaving open whether operational disagreements, market conditions, or other factors drove the unwinding of the proposed deal.