Tether-controlled Twenty One Capital (XXI) has named Raphael Zagury as CEO, replacing Jack Mallers, and excluded Strike from a proposed three-way merger, the companies said.
Mallers resigned on July 20 to focus on Strike, the Bitcoin payments company he founded. Strike will remain independent and is no longer being considered for a business combination with Twenty One, according to a press release.
Tether, the majority shareholder of Twenty One, confirmed the changes in a separate announcement.
Tether proposed combining Twenty One, Strike and Elektron in April, seeking to consolidate treasury, financial services and Bitcoin mining under a single listed company.
Twenty One’s revised strategy will focus on acquiring operating businesses, expanding capital markets capabilities, and developing bitcoin-backed loans.
XXI changed little in pre-market trading.
CoinDesk reached out to all three companies, but has not received a response as of this writing.
