Twenty One Capital is Tether's "U.S. entity for them to ... line pockets where needed for political reasons," says Cory Klippsten.

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

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.