Tether has abandoned a planned merger of three cryptocurrency companies—21 Capital, Strike, and Elektron Energy—with Jack Mallers stepping down as CEO of 21 Capital to focus exclusively on Strike's development.
Rafa Zaguri, formerly CEO of Elektron Energy, has assumed leadership of 21 Capital. Zaguri signaled a strategic pivot away from Bitcoin accumulation toward generating stable cash flow and optimizing capital allocation, according to his statement on the restructuring.
21 Capital, which operates around a Bitcoin-centric model and has sought to replicate the success of Grayscale Bitcoin Mini Trust-style strategies, will now pursue these operational priorities independently following the deal's termination.
Source:bloomberg.com