Twenty One Capital, under Tether's control, disclosed that the company had appointed Raphael Zaguiry as Chief Executive Officer to replace Jack Mallers. The tripartite consolidation plan, originally composed of Twenty One Capital, Strike and Elektron Energy, was terminated as the management restructuring progressed.
Mallers back to Strike.
According to the bulletin, Mallers has been leaving the Twenty One Capital CEO since July 20th, focusing on the Bitcoin Payments Company he founded, Strike. It states that Strike will continue to operate independently and will no longer participate in the business consolidation arrangements with Twenty One.
In April this year, Tether offered to integrate Twenty One, Strike and Elektron Energy under the same listed company, trying to put Bitcoin's treasury, financial services and mining on the same platform. This programme has now been abandoned.
For tripartite programme read bilateral assessment
After Strike quit, Twenty One Capital is reassessing potential bilateral integration with Elektron Energy. At the same time, the firm has adjusted its overall strategic direction to focus on the acquisition of active businesses, the expansion of capital market capacity and the development of borrowing operations supported by bitcoin.
This means that the positioning of Twenty One is moving from a broader business integration to a more focused asset and financial services layout. For Tether, this also shows a change in the integration path around the Bitcoin industrial chain.
New strategy focused on bitcoin financial services
- Acquisition of business with an operational base
- Expanding capital market-related capacities
- Advance bitcoin-supported lending products
At the time of the release of the report, there had been no significant change in the pre-disbursement price of Twenty One. CoinDesk states that three companies were contacted in this regard, but no further response was received.