Raphael Zagury has been appointed chief executive of Twenty One Capital (XXI), the Nasdaq-listed bitcoin treasury firm majority-owned by Tether, replacing Jack Mallers, who is stepping down to focus on his other venture, Strike. Tether confirmed the change on Tuesday, alongside news that a proposed three-way merger between Twenty One Capital, Strike and bitcoin miner Elektron Energy has been abandoned entirely.
XXI shares traded at $5.45 in premarket activity as of 11:30UTC, up 2.4% from Monday's close of $5.32.
