Crypto World
Grayscale files for Worldcoin ETF as WLD price breaks higher
WLD has climbed about 4.5% to $0.37 after Grayscale filed with the US Securities and Exchange Commission to launch an ETF holding the World Network token directly.
Summary
- Grayscale has filed to list a spot Worldcoin ETF on Nasdaq under GWLD.
- WLD gained 4.5% and broke above a descending channel on the four-hour chart.
- Regulatory concerns over biometric data and WLD’s status remain key risks.
According to Grayscale’s registration statement, the proposed Grayscale Worldcoin ETF would trade on Nasdaq under the ticker GWLD and offer investors exposure to WLD without requiring them to buy or store the token.
The fund’s shares would follow the value of its WLD holdings through the CoinDesk Worldcoin Benchmark Rate. Fees and operating expenses would be deducted from the value of the trust, although Grayscale has not disclosed the management fee.
Several other terms also remain open. Grayscale left blank the initial seed investment and the quantity of WLD represented by each share, indicating that later amendments to the prospectus will add those details.
If approved, GWLD would become a passive investment vehicle with WLD as its only principal asset. Grayscale’s filing states that the trust would not use leverage or derivatives, limiting its activity to holding the token and processing share creations and redemptions.
GWLD would give investors direct WLD price exposure
Under the proposed structure, authorized participants would create or redeem shares in blocks of 10,000, which the filing calls baskets. Participants could complete those transactions by delivering WLD or through cash orders handled with the help of liquidity providers.
BitGo Bank & Trust would hold the trust’s WLD assets, according to the registration statement. The Bank of New York Mellon would act as administrator and transfer agent, while CSC Delaware Trust Company would serve as trustee.
Grayscale has presented the fund as a way for shareholders to gain WLD exposure through a traditional brokerage account. Investors would therefore avoid the technical steps involved in opening a crypto wallet, securing private keys, and trading the token on a digital-asset platform.
The filing does not guarantee that the SEC will approve the product or that Nasdaq will list its shares. Because the document is a registration statement with incomplete terms, Grayscale may need to submit amendments before regulators can allow the ETF to begin trading.
WLD serves as the native token of World Network, a digital identity project first developed by Tools for Humanity. Sam Altman and Alex Blania founded the company behind the project, which was previously known as Worldcoin.
World Network includes World ID, a proof-of-personhood system designed to confirm that a user is a unique human. Its other products include the World App, the Ethereum layer-2 network World Chain and Orb devices that use iris images during identity verification.
As of June 30, roughly 3.5 billion WLD tokens were in circulation, according to figures included in Grayscale’s prospectus. Their combined market value stood at approximately $1.4 billion, while the token recorded daily trading volume of $135.1 million.
Those figures placed WLD as the 41st-largest crypto asset by market capitalization at the time of the filing. The data also showed that the proposed fund would track an asset with substantially lower market value and trading activity than tokens such as Bitcoin and Ethereum.
WLD has broken above its four-hour falling channel
Following news of the filing, Worldcoin (WLD) advanced about 4.5% to $0.37. The token nevertheless remained nearly 97% below its March 2024 record high of $11.80.
On the four-hour chart supplied through TradingView, WLD was trading around $0.377 after rebounding from the $0.353 support area. Price also moved above the upper boundary of a descending channel, indicating that selling pressure has started to ease.
TradingView’s Fibonacci levels place immediate resistance at $0.3796. A sustained move above that barrier could expose $0.3876, followed by $0.3957 and $0.4057.
Below the current price, the chart identifies $0.3681 as the closest support. Losing that level could send WLD back toward $0.3534, where buyers recently stopped the decline.
Momentum readings have also improved, although they do not yet confirm a strong bullish trend. The four-hour relative strength index stood at 49.59, up from its moving average of 38.09 and close to the neutral 50 level.
TradingView’s MACD line remained below zero at -0.0057 but had crossed above its -0.0073 signal line. The positive 0.0016 histogram suggests bearish momentum is fading as WLD tests the $0.3796 resistance.
Grayscale’s prospectus identified biometric data collection as a central product risk because World Network relies on iris imaging through its Orbs. According to the filing, the project has faced regulatory restrictions, enforcement measures and court rulings in several jurisdictions over its biometric practices.
The registration statement also pointed to World Chain’s centralized sequencer, sharp WLD price swings and possible securities-law treatment as material risks. Grayscale warned that an adverse regulatory decision involving WLD or related transactions could reduce the token’s value or require the trust to close.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Gate Europe’s CEO Giovanni Cunti says the Markets in Crypto-Assets Regulation (MiCA) has raised the long-term operating burden for firms already authorized to serve EU customers, warning that some licensed providers may eventually decide they cannot afford the compliance costs.
Speaking to Cointelegraph’s Chain Reaction on Monday, Cunti argued that MiCA’s stricter requirements have tightened competition—particularly for newcomers—and that the market may now be too small for some businesses to sustain the resources required to operate under the EU framework.
Key takeaways
- MiCA compliance costs are increasingly viewed as a barrier for some licensed crypto-asset service providers (CASPs), according to Gate Europe’s CEO.
- The July 1 end of MiCA’s 18-month transition period forced a retrenchment in some services across Europe, while licensed firms continued under the new regime.
- Regulatory burden may push certain startups and projects to launch outside the EU to preserve room for product iteration and growth.
- Despite the pressure, ESMA’s CASP authorizations continue to expand, though at a slower pace since the transition deadline.
- As the market contracts from “thousands” of operators to “hundreds,” remaining providers may benefit from customer migration rather than losing users.
MiCA’s transition deadline changed who can serve EU users
MiCA is the EU’s comprehensive regulatory framework for crypto assets. The bloc’s 18-month transition period ended on July 1, meaning crypto firms serving EU customers needed authorization under MiCA or otherwise had to stop offering regulated services.
Cointelegraph previously reported that the deadline triggered service changes from several exchanges in parts of Europe while firms sought MiCA approvals. A notable example is Binance, which Cointelegraph said was unable to secure a MiCA license before the deadline. The result was a patchwork of restrictions depending on jurisdiction—an early sign that the authorization process would determine who could continue operating as usual.
Gate Europe warns some licensed firms may not endure
Cunti’s central concern is not simply that compliance is costly, but that the costs and staffing requirements needed to operate continuously under MiCA could outweigh the revenue potential for some firms—especially those that acquired a license expecting the broader market to remain large.
He told Cointelegraph that “quite a few” firms that obtain MiCA licenses may ultimately lack the capacity to sustain the “cost and the resources” required “in the long term.”
For investors and operators, the implication is straightforward: in a regulated environment with ongoing obligations, survival increasingly depends on business scale and risk management—not only on obtaining a license once. That can favor larger, better-capitalized platforms and reduce room for smaller providers that cannot spread compliance overhead across higher volumes.
Regulation may drive projects to other jurisdictions
Beyond business continuity, Cunti also suggested that MiCA’s stricter approach could affect where new crypto products and projects choose to launch. He said MiCA strengthens investor protections, but also leaves less space for innovation compared with jurisdictions that apply lighter regulatory requirements.
That, he argued, may lead some teams to choose non-EU markets as a first stop. “We may need to be prepared that some projects, possibly some important projects, may be looking at other jurisdictions with different guidelines,” Cunti said.
At the same time, the EU framework still appears to be gaining institutional traction. ESMA continues to add CASPs to its public register, indicating that the compliance pathway exists—though Cunti’s comments point to a tougher economic reality for firms after authorization.
ESMA licensing continues, but momentum is slower
According to ESMA updates cited by Cointelegraph, the number of companies authorized under MiCA has kept rising. On Friday, ESMA added 14 crypto-asset service providers to its register, bringing the total to 294. Cointelegraph noted that this followed the addition of 37 firms in ESMA’s first update after the July 1 transition deadline.
While the steady increase shows that regulatory onboarding is continuing, Cunti framed the broader effect as a reshaping of competition rather than a simple expansion of the market. He pointed to the difference between the pre-MiCA landscape—when, in his view, there were “thousands of operators”—and the post-deadline environment, which is now closer to “hundreds.”
From a market-structure perspective, this distinction matters. A shrinking number of compliant providers can reduce choice and increase regulatory concentration, but it can also redirect demand. Cunti suggested that customers still want access to EU-regulated services and therefore may migrate toward the remaining compliant platforms rather than leaving the ecosystem entirely.
“So definitely there is a big opportunity for all of us,” he said, adding that “there is an ongoing migration because customers do not want to lose access to this market.”
ESMA’s role also remains active as regulators oversee how major venues adapt. Earlier coverage from Cointelegraph referenced an ESMA warning that brought Binance’s EU service changes into scrutiny—another signal that MiCA implementation is ongoing, not a one-time switch.
What to watch next
The key question after MiCA’s transition is whether authorization translates into sustainable operations. Readers should watch for evidence that some licensed firms scale down, exit, or consolidate—alongside continued ESMA licensing updates and any further regulatory scrutiny over how exchanges restrict services in different EU regions.
In attempting to modernize and better meet its customers’ needs, MoneyGram has partnered with the Stellar network, which has underpinned many of the company’s blockchain initiatives over the past five years. But the company has also started exploring other ecosystems: while Stellar remains a core partner, MoneyGram has also become a validator on Solana and Tempo. For MoneyGram, the immediate payoff isn’t speculative crypto activity, it’s replacing legacy financial rails.
Today’s cross-border settlement still largely depends on banking hours and weekday processing. Blockchain-based infrastructure, Soohoo argued, enables real-time settlement around the clock, reducing operational costs while improving the customer experience.
“We believe if we do it right, we can achieve all three,” he said, referring to helping customers save time, effort and money. Instant settlement also allows MoneyGram to lower back-office costs, savings the company hopes to eventually pass on through lower prices. Currently, MoneyGram’s fees start at $1.89 and vary depending on what country you send them to.
Soohoo doesn’t believe consumers need to understand the technology powering those improvements. He compared blockchain to the processors inside Apple’s iPhone.
“I can’t tell you what processor is inside my iPhone,” he said. “I just know it’s faster.” In the same way, he argued, remittance customers care about whether money arrives quickly and reliably, not whether it traveled over a blockchain.
July has been historically a positive month for bitcoin and this edition hasn’t disappointed so far. The cryptocurrency began the month on the wrong foot, dipping below $58,000 for the first time in nearly two years, but it rebounded swiftly in the following weeks.
Earlier today, it rocketed past $66,000 for the first time in over a month, gaining over $8,000 since that July 1 low. Here are some of the possible reasons behind it.
Whale and ETF Accumulation
As June was coming to an end and it became known that it would be a highly painful month for the asset with a nosedive of over 20%, we outlined several factors that had to change in July for a price resurgence. One of them was the ETF inflows. The financial vehicles went on a violent eight-week withdrawal-only streak, which was finally snapped a couple of weeks ago.
Moreover, investors continued to pour funds into the ETFs, which ended two weeks in the green in a row for the first time in months. July 20 extended the streak as the funds attracted almost $227 million.
The second major reason for the price revival is whale behavior. Data shared by CryptoQuant indicated that large market participants holding between 1,000 and 10,000 BTC increased their 60-day net accumulation to roughly 66,700 units, which is close to the recent record seen a month ago.
“This is the cohort’s strongest accumulation reading since February 17, when net accumulation briefly exceeded 106,000 BTC.”
News From the US
The third reason has a more macro scent. It came a week ago when the US CPI numbers for June were announced, showing softer-than-expected inflation rates. BTC rallied immediately after the news went live as lower inflation reduced the pressure on the Fed to hike interest rates. Similar market conditions are regarded as beneficial for risk-on assets like bitcoin.
Last but perhaps most importantly at the moment comes a development on the CLARITY Act. After the odds of approval dropped toward 30% just days ago, reports emerged that the White House had agreed on an ethics package for the key legislation and sent the language to certain Senate republicans for further validation.
Although the details are still scarce, industry experts believe this is a major step in the right direction for the bill, and it increases the chances for a 2026 approval.
The post 4 Key Reasons Behind Bitcoin’s (BTC) Rally Above $66K appeared first on CryptoPotato.
Prism, a token that pays a share of trading fees to everyone who holds it, is relaunching on a new Ethereum contract after disclosing that an attacker spent most of July siphoning off nearly 40% of those fees. The original PRISM token, which the project is now abandoning, plunged about 91% in the… Read the full story at The Defiant
Citigroup has reaffirmed its KOSPI price target of 10,000, projecting that the recent sell-off in South Korean stocks could soon reverse.
The index has shown notable volatility in 2026, forcing the Korea Exchange to trigger sidecars and circuit breakers across repeated sessions.
Why Citi Sees a Buying Opportunity For KOSPI
The KOSPI has slid into a broader decline since setting a record closing high of 9,114.55 on June 22. Citi remains bullish on a revival.
The bank’s analysts told clients in a Monday note that the market’s headwinds have peaked. Citi argues that strong economic fundamentals and a market-friendly policy mix can drive the recovery.
“We think the recent share price pullback of KOSPI equities, led by KR memory suppliers, is more of a technical correction driven by market-wide profit-taking and therefore could represent a potential buying opportunity,” the analysts stated.
Meanwhile, the index posted another red session on Monday, dropping more than 4%. It reversed sharply on Tuesday. The surge tripped a buy-side sidecar at 12:41 p.m., a curb that briefly suspends program buy orders when KOSPI 200 futures rise 5% or more for at least a minute.
The KOSPI closed Tuesday up 3.56% at 6,747.95. From that level, Citi’s 10,000 target implies a 48% gain, and it sits nearly 10% above the previous closing record.
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Notably, volatility remains the KOSPI’s defining feature. Volatility on the index has topped 60% this year, almost double Japan’s Nikkei 225 and higher than Bitcoin (BTC).
The turbulence forced the Korea Exchange to trigger circuit breakers seven times through mid-July, up from none in 2025.
Tuesday’s rebound closed part of the distance Citi flagged. Whether it holds remains to be seen.
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The post Citi Keeps 10,000 KOSPI Target Despite Market Selloff appeared first on BeInCrypto.
Crypto World
Pi Network (PI) Rises 25% in a Week But Warning Signs Point to Another Possible Pullback
Pi Network’s PI has emerged as one of the strongest performers in the top-100 crypto ranking over the past week, outpacing countless major digital assets.
However, this rally may prove short-lived and could be followed by another sharp pullback in the near future.
PI Flashes Green
In mid-July, the native token of the controversial crypto project tumbled to a new all-time low of around $0.07, while its market capitalization slipped well below the $1 billion psychological level.
Since then, though, the bulls have stepped in, and now PI trades at around $0.093 (per CoinGecko), representing a roughly 25% increase on a weekly basis.
The exact catalyst of the resurgence remains unclear since Pi Network’s team has been rather silent over the past few days and has not unveiled any new ecosystem updates. Of course, one potential factor could be the overall revival of the crypto market, where Bitcoin (BTC) crossed $66,000, while Ethereum (ETH) aims to reach $2,000.
Many analysts are now optimistic that PI can post further gains. X user Crypto With Gopal claimed that the asset is printing a “Falling Wedge” after a prolonged downtrend where selling pressure is fading, and the price is “squeezing toward the wedge apex.” They believe this formation often signals that momentum is shifting back to the bulls.
“Buyers are quietly defending support while lower highs continue to compress. A strong breakout above the wedge resistance could spark a sharp relief rally as sidelined buyers step in. If bulls reclaim the trendline with volume, PI could be setting up for a major expansion move. Market sentiment is cautiously turning bullish,” they added.
Prior to that, OxNeena argued that after months of selling pressure, PI has finally shown signs of accumulation. They believe that if buyers step in, this could mark the beginning of a strong trend reversal, with $0.20 and $0.32 set as potential upside targets.
Brace for Potential Drop
PI investors should remain cautious, as previous pumps like this have often been abruptly ended by another major move downward. The prolonged bear market and the concerning condition of the entire crypto sector reinforce those fears.
Meanwhile, the PI community must take other factors into account, including the upcoming token unlocks. Around 127.5 million coins are set for release in the next 30 days: a development that doesn’t guarantee a price drop but increases selling pressure.
- PI Token Unlocks, Source: piscan.io
X user Travladd told their nearly 500,000 followers on X that PI is “looking cooked,” noting that there is too much supply. “Won’t catch me buying into any relief rally,” they added.
The post Pi Network (PI) Rises 25% in a Week But Warning Signs Point to Another Possible Pullback appeared first on CryptoPotato.
US spot Bitcoin ETFs recorded their fifth consecutive day of inflows, their longest streak since May, as the flagship cryptocurrency crossed $66,000. Strong inflows suggest price action and investor sentiment could be stabilizing after a period of sustained outflows.
Bitcoin (BTC) has regained momentum over the past seven days, reclaiming $65,000 on Monday and extending its gains on Tuesday to surpass $66,000. BTC registered an increase of over 3% in the past 24 hours and is currently trading around $66,158.
Spot Bitcoin ETFs Extend Inflows
Spot Bitcoin ETFs registered their fifth consecutive day of inflows, recording $226.80 million on Monday, the highest single-day inflow since July 6, as institutional demand returned. The ETFs have recorded a total net inflow of $727.3 million over the five-day streak and posted back-to-back positive weeks for the first time since May.
BlackRock’s IBIT recorded the highest inflows on Monday with $116.5 million, followed by ARK Invest’s ARKB with $72.7 million. Fidelity’s FBTC recorded $24.1 million in net inflows, while Bitwise’s BITB added $8.8 million and VanEck’s HODL registered $1.8 million in net inflows. Morgan Stanley’s MSBT recorded inflows of $6.9 million. However, Grayscale’s Bitcoin Trust recorded $45.4 million in outflows. Those outflows were offset by Grayscale’s Mini Bitcoin Trust, which recorded $41.4 million in net inflows.
Institutional Interest Returning?
Consistent inflows have returned after a period of sustained outflows as institutional investors pulled capital from Bitcoin ETFs. Analysts believe the inflows suggest returning institutional interest in Bitcoin and their preference for ETFs for crypto exposure. However, Simon-Peter Massabni, the head of business development at XS, believes the inflows indicate easing sell-side pressure rather than returning institutional interest and demand. According to Massabni, BTC must break and hold above $65,000 to strengthen the bullish argument.
Richard Galvin, executive chairman of DACM, believes the inflows suggest Bitcoin was beginning to find a bottom. BTC is trading above $66,000, a level it must sustain to convince the market of a sustained uptrend. The flagship cryptocurrency has largely traded between $60,000 and $65,000 in recent weeks amid geopolitical and macroeconomic headwinds.
Damien Loh, CIO at Ericsenz Capital, warned of rising inflation and interest rate hikes if the conflict between the US and Iran continues dragging on. Loh believes this could make institutional investors reluctant to put capital in BTC and other risk assets. However, he added that if the CLARITY Act passes before the August recess, it could provide the catalyst needed to push prices higher.
Strategy Building $3.23 Billion Warchest
Rising ETF inflows come amid Strategy’s efforts to improve its liquidity. The Bitcoin treasury company sold some of its Bitcoin holdings for the first time since June 2022, as it attempts to mitigate the impact of BTC’s recent decline and meet its dividend obligations. BTC is down nearly 50% from its October 2025 high of $126,000, and recently sold $263.5 million in common stock. However, it did not use the proceeds from that sale to purchase additional BTC. Instead, the company used the funds to bolster its dollar reserve.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Bernstein just raised its price target on Robinhood stock to $160, and the key driver is not crypto trading volume. Instead, the firm sees long-term value in Robinhood’s blockchain infrastructure. Robinhood Wrapped ETH on Robinhood Chain has gained about 2% over the past week, while daily trading volume sits near $44 million. Those numbers suggest the network is attracting steady activity rather than short-lived hype.
Bernstein analysts, led by Gautam Chhugani, lifted their HOOD target from $130 to $160, based on a 2028 EPS estimate of $4.56 and a 35x forward P/E multiple. The firm expects prediction markets, perpetual futures, and Robinhood Chain to generate 18% of total revenue by 2027, rising to 23% in 2028. Prediction markets alone could contribute $1.7 billion by 2028.
Discover: The Best Crypto to Diversify Your Portfolio
Robinhood, The Stock Platform Juggernaut
Robinhood’s second-quarter earnings arrive on July 29, and Bernstein expects new businesses to soften any slowdown in crypto trading revenue. That fits a growing trend across the market. Investors increasingly reward companies building the rails for digital assets instead of simply benefiting from speculative token rallies. Building the highway often pays better than collecting tolls during rush hour.
Robinhood Chain could also benefit the crypto market beyond its own ecosystem. More Layer 2 infrastructure gives users cheaper transactions and faster settlement while helping Ethereum scale. As more developers deploy applications and liquidity spreads across new networks, on-chain activity becomes easier to access for retail users. Fresh competition rarely hurts innovation, especially in crypto.
For traders, the takeaway is simple. Robinhood Chain appears to be gaining real usage, and that matters more than any single token’s price action. If network adoption keeps climbing, it could strengthen Ethereum’s ecosystem and encourage more capital to flow into decentralized finance. In crypto, the flashiest coin grabs headlines, but the strongest infrastructure often wins the longest race.
Bridge to Robinhood Chain With The Lowest Fee Using RocketX
LiquidChain Targets Cross-Chain Infrastructure as HOOD Token Tests Lows
The Robinhood Chain story is a reminder that chain-level infrastructure can capture value before native tokens catch up. That gap is exactly where early-stage infrastructure finds its pitch. Investors rotating out of speculative token exposure are increasingly looking at what’s being built at the execution layer.
LiquidChain is positioning as a Layer 3 infrastructure project with a specific structural thesis: fuse Bitcoin, Ethereum, and Solana liquidity into a single execution environment. The USP is architectural with a Unified Liquidity Layer with Single-Step Execution, Verifiable Settlement, and a Deploy-Once framework that lets developers access all three ecosystems without rebuilding for each chain.
The next generation of infrastructure won't stand alone. — LiquidChain (@getliquidchain) July 21, 2026
It'll connect everything around it. 
⟁https://t.co/vqvBcdSQYC pic.twitter.com/mWc9fGndPd
The presale is live at $0.01482 per $LIQUID, with $915K raised to date. As covered in earlier presale reporting, the project is approaching the $1M milestone.
Research LiquidChain here before sizing any position.
Trade Memecoins like DOGE on Bybit and Get a Chance to Win Our $1,000 USDT Airdrop
The post Robinhood Chain Booming, Bernstein Puts Higher Target on HOOD appeared first on Cryptonews.
Twenty One Capital (XXI) CEO Jack Mallers stepped down on Monday, seven months after the company went public. Tether also dropped its plan to merge the Bitcoin treasury firm with Strike, Mallers’ payments company.
The bigger story is the new game plan. Twenty One listed five fresh priorities, and buying more Bitcoin (BTC) is not one of them.
Why Tether Is Rewriting Its Bitcoin Treasury Playbook
Back on April 29, Tether pitched a grand plan. It wanted to fold Twenty One, Strike, and Elektron Energy, a Bitcoin mining firm, into a single Bitcoin platform.
Galaxy Research said the combined group could rival Strategy’s dominance among corporate holders. Now, Jack Mallers is leaving, and has announced his step-down as CEO of Twenty One.
That vision lasted less than 12 weeks. Strike now stays independent. A deal with Elektron is still possible, but talks are early. There is also a catch. Tether owns majority stakes on both sides, so any deal would face extra review as a related-party transaction.
The timing is no accident. Digital asset treasury (DAT) companies, firms that mainly buy and hold crypto, are under pressure. Bloomberg reported that Bitcoin’s price slump has brought losses and job cuts across the sector.
XXI has felt that pain. The stock listed on the New York Stock Exchange (NYSE) in December after a rocky market debut. It closed Monday at $5.32, down about 43% this year. The company is now worth about $1.85 billion.
Zagury Takes Over With a Cash Flow Mandate
New CEO Raphael Zagury comes from the money side of the business. He held senior roles at Goldman Sachs, Deutsche Bank, and Merrill Lynch. He later ran finances at OpenCo, once among Brazil’s largest fintech lenders.
His plan reads simply. Buy and build businesses that earn money, and keep the Bitcoin. The company compared its new model to Berkshire Hathaway. It also wants to lend against Bitcoin, so holders can access cash without selling.
“My job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution. I believe our business will perform best when we also focus on the cash flow we generate and the rigor with which we allocate capital, not only by the Bitcoin we hold,” Zagury said in a statement.
Tether saw this coming. It took full control in May by buying SoftBank’s 25% stake. Twenty One still holds 43,514 BTC, second only to Strategy in BitcoinTreasuries.net data. It also keeps its strict Bitcoin-only treasury stance.
The big question is what happens next. If the second-largest Bitcoin treasury needs more than Bitcoin, others may follow. The Elektron talks should offer the first clue.
The post Tether Rethinks XXI’s Bitcoin Treasury Model After Just 7 Months appeared first on BeInCrypto.
Tether-controlled Twenty One Capital (XXI) named Raphael Zagury as CEO, replacing Jack Mallers, and dropped Strike from a proposed three-way merger, the companies said.
Mallers stepped down effective July 20 to focus on Strike, the bitcoin payments firm he founded. Strike will remain independent and is no longer being considered for a business combination with Twenty One, according to a press release.
Tether, Twenty One’s controlling shareholder, confirmed the changes in a separate announcement.
Tether proposed combining Twenty One, Strike and Elektron in April, seeking to place bitcoin treasury, financial services and mining under one listed company.
Twenty One’s revised strategy will focus on acquiring operating businesses, expanding capital markets capabilities and developing bitcoin-backed lending.
XXI is little changed in pre-market trading.
CoinDesk has reached out to all three companies, but hasn’t heard back at the time of writing.
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