Tether-Backed Twenty One Capital’s Three-Way Merger With Strike, Elektron Energy Is Canceled
Summary
- A planned three-way merger involving Tether-backed Twenty One Capital, Strike, and Elektron Energy has been canceled, according to a report.
- Strike will continue to operate as an independent company instead of merging with Twenty One Capital, while discussions between Twenty One Capital and Elektron Energy are continuing.
- Twenty One Capital was launched with backing from Tether, Cantor Fitzgerald and SoftBank, and it currently holds 43,514 Bitcoin.
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Plans for a three-way merger involving Tether-backed crypto firm Twenty One Capital, Strike and Elektron Energy have been canceled, Cointelegraph reported on July 21, citing Bloomberg.
Bloomberg reported that Jack Mallers will step down as chief executive officer of Twenty One Capital while remaining CEO of Strike. Strike will continue to operate as an independent company rather than merge with Twenty One Capital.
Discussions between Twenty One Capital and Elektron Energy are continuing, according to the report. Tether holds controlling stakes in both companies.
Tether said in April that it planned to vote in favor of a merger between Twenty One Capital and Strike, the Bitcoin payments company led by Mallers. The plan at the time also included combining the merged company with Bitcoin miner Elektron Energy.
Twenty One Capital was launched last year with backing from Tether, Cantor Fitzgerald and SoftBank. Tether acquired SoftBank’s stake in Twenty One Capital in May.
Twenty One Capital currently holds 43,514 Bitcoin, according to BitcoinTreasuries. That makes it the world’s second-largest corporate holder of Bitcoin after Strategy, the company led by Michael Saylor.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.