Tether’s Twenty One Capital (XXI) has appointed Rafael Zagry as CEO to replace Jacques Mallards and removed Strike from a proposed three-way merger, the companies said.
Mallars resigned on July 20 to focus on Strike, the Bitcoin payment company he founded. According to a press release, Strike will remain independent and no future business combinations with Twenty One are being considered.
Tether, TwentyOne’s controlling shareholder, confirmed the change in a separate announcement.
Tether proposed the merger of TwentyOne, Strike, and Electron in April, aiming to bring Bitcoin treasury, financial services, and mining under one publicly traded company.
TwentyOne’s revised strategy will focus on acquiring operating businesses, expanding its capital markets capabilities, and developing Bitcoin-backed lending.
XXI changes little in pre-market trading.
CoinDesk has reached out to all three companies but has not received a response at the time of writing.
