Bloomberg reported that Tether’s proposed merger of Twenty One Capital, Strike and Elektron Energy has been scrapped as Jack Mallers steps down as CEO of Twenty One Capital.

Jack Mallers resigned as CEO of Twenty One Capital on July 21, 2026. Raphael Zagury takes over as the Bitcoin treasury firm cancels its Strike

The proposed three-way merger between Twenty One Capital, Strike, and Elektron Energy has been abandoned, with Strike no longer participating.