Written by Yohan Yunstaff editorReviewed by Robert Lakinstaff editor

Written by Yohan Yunstaff editor

Reviewed by Robert Lakinstaff editor

Tether-backed Twenty One, Strike merger plan scrapped: Bloomberg

Latest NewsPublishedJul 21, 2026

Strike will remain a standalone company after the proposed three-way merger was scrapped, while Twenty One Capital and Elektron continue discussions, Bloomberg reported.

A proposed merger involving Tether-backed crypto companies Twenty One Capital, Strike and Elektron Energy has reportedly been scrapped.

Jack Mallers will step down as CEO of Twenty One Capital while remaining CEO of Strike, as reported by Bloomberg. Elektron Energy CEO Raphael Zagury has been appointed to succeed Mallers.

Strike will continue operating as a standalone company instead of combining with Twenty One Capital. Discussions between Twenty One and Elektron are continuing, Bloomberg reported. Tether holds majority stakes in both companies.

Twenty One’s (XXI) NYSE-traded shares were little changed in Tuesday’s premarket activity.

As Cointelegraph reported in April, Tether stated it planned to vote in favor of a proposed merger between Twenty One Capital and Mallers’ Bitcoin payments company, Strike. The proposal also envisioned merging the combined company with Bitcoin miner Elektron Energy.

Twenty One Capital introduced in 2025 with backing from Tether, Cantor Fitzgerald and SoftBank. Tether bought SoftBank’s stake in the company in May.

Twenty One held 43,514 Bitcoin at the time of writing, making it the world’s second-largest corporate BTC holder behind Michael Saylor’s Strategy, as reported by tracking website BitcoinTreasuries.

Related: Bitcoin ETFs post 5-day inflow streak, longest since May

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Tether
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