📌 Tether’s Three-Way Marger Called Off

One of the largest crypto-based mergers announced in the past few years is being disbanded. Twenty One Capital (XXI), Strike and Elektron Energy no longer plan to combine and Twenty One’s CEO Jack Mallers will be stepping down. Furthermore, Mallers will take back control of his company, Strike, which will no longer be involved in the tie up. Instead, Elektron CEO Raphael Zagury will be taking over the XXI CEO position.

The original idea, proposed by Tether in April, was to bring together three distinct crypto businesses: Twenty One Capital’s DAT holding 40,000 BTC, Strike’s crypto trading and Elektron’s Bitcoin mining. But with crypto prices down, and XXI’s share priec down 40% as well, like other DATs, the business is looking bleak

There's much more to day here (i.e. involvement with Howard Lutnick, SoftBank exiting, etc), but for now we will let more details emerge.

The White House has reportedly agreed to an ethics package for the Clarity Act and sent the language to certain Senate Republicans, potentially clearing one of the bill’s biggest remaining obstacles. Details have not been released, and there’s no indication yet that Senate Democrats have signed on, so this is progress – not a done deal. Updated bill text could now arrive soon, with supporters still racing to find 60 votes before the August recess. Odds of Clarity passing this year jumped ~12% over the past 24 hours on Polymarket. Read more →

Grayscale filed to launch the first proposed U.S. ETF holding WLD, the token behind Sam Altman’s biometric identity project World. The fund would trade on Nasdaq under the ticker GWLD, giving investors exposure through a regular brokerage account without directly buying the token. WLD jumped as much as 8% on the news. For now, it’s only a filing – the fund still needs regulatory clearance and must meet Nasdaq’s listing requirements before it can begin trading. Read more →

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