Strike exits proposed Tether-backed combination with Twenty One Capital as Mallers steps down

Twenty One Capital disclosed that Strike will remain independent and is no longer being considered for its proposed Tether-backed merger structure.

The change ends the contemplated consolidation of Strike, a major bitcoin payments company, with Twenty One Capital, one of the largest publicly traded bitcoin treasuries. It materially reshapes Twenty One’s corporate strategy by removing Strike from the planned combination.

Alongside the change, Jack Mallers stepped down as CEO of Twenty One to focus on Strike. Raphael Zagury took over leadership of Twenty One.

The confirmed developments are Strike’s departure from the proposed structure, its continued independence and the leadership transition at Twenty One. The supplied disclosure does not establish whether Twenty One will pursue an alternative transaction or how its longer-term strategy will be revised following Strike’s exit.