Jack Mallers is stepping down as CEO of Twenty One Capital to return to Strike, his bitcoin payments company, as a planned three-way merger with Elektron Energy falls through. Raphael Zagury now leads Twenty One Capital, which is pivoting to acquire operating businesses, expand capital markets, and explore bitcoin-backed lending — while Strike operates independently. The company is rethinking its path, considering a potential two-way merger with Elektron Energy instead.

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