The New York Times reports that a strike on the Saudi-owned tanker Encelia in the Red Sea has pushed oil prices above $100 a barrel. The incident, which occurred on July 23, involved a fire on the vessel and comes amid claims of responsibility from the Houthis, who alleged that two Saudi tankers, including Encelia, violated a maritime blockade. The price of Brent crude, a global benchmark, surged to its highest level in over a month, reflecting concerns over supply risks in key shipping lanes. Saudi state media confirmed the attack but stated that all crew members were safe.
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Key Takeaways Market activity suggests a heightened probability of oil reaching a new all-time high, with prices sharply increasing following the incident. The market’s response indicates that participants view geopolitical tensions in the Middle East as supportive of a YES outcome for oil price hikes. Recent movements in oil markets appear consistent with increased supply-risk concerns, driving up short-term price expectations. What to Watch Watch for further developments involving geopolitical tensions in the Middle East, which could influence oil market dynamics significantly. Statements or actions by key figures such as OPEC’s Mohammad Sanusi Barkindo or Saudi Energy Minister Abdulaziz bin Salman Al Saud may provide further indications of potential market shifts. Additionally, any new reports of strikes or disruptions in key shipping lanes could further affect market expectations for oil prices reaching new highs by the end of the year.
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Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
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President Trump is weighing a major military strike on Iran that would exceed the scale of previous operations.
He describes the potential action as bigger than anything attempted before, and says the US stands ready to proceed without outside help, reports Axios.
“I am considering a massive attack. Bigger than ever before. I am close to making a decision. We are all set for it.”
The president has previously issued forceful warnings that did not immediately translate into action.
But markets are reacting to mounting tensions, with oil prices surging above $100 a barrel and the Dow Jones Industrial Average plunging more than 500 points on the heightened risk of wider conflict.
Trump says the US doesn’t “need anybody” to carry out the attack, adding that Israel “would join in two minutes if I asked them to.”
Yemen’s Houthis attacked Saudi oil tankers in the Red Sea and intercepted multiple commercial vessels amid escalating US-Iran war. Oil prices have climbed further due to disruptions in the Red Sea and the Strait of Hormuz, causing Bitcoin and XRP to pare gains.
Yemen’s Iran-Aligned Houthis Disrupt Oil Supply in Red Sea Yemen’s armed forces hit two Saudi oil tankers in the Red Sea using ballistic missiles, cruise missiles, and drones, IRNA News Agency reported on July 23. The attacks also intercepted multiple commercial vessels, according to a formal statement by spokesperson Yahya Saree.
Saudi authorities confirmed a Saudi-owned commercial vessel was targeted in the Red Sea, causing a fire on the ship. All crew members are safe. Authorities claim such attacks constitute a violation of international laws and norms.
Houthi leaders in Yemen have declared a naval blockade against Saudi Arabia, effective immediately. US stock futures, Bitcoin and XRP are dropping amid risks of further supply disruptions.
The attacks coincided with Saudi Arabia signing a nuclear deal with the US. The 30-year agreement aims to strengthen bilateral cooperation on nuclear energy.
Saudi Arabia and United States Sign Agreement on Cooperation in Peaceful Uses of Nuclear Energy. pic.twitter.com/FSJWIqmXwS
— وزارة الطاقة (@MoEnergy_Saudi) July 22, 2026
Meanwhile, U.S. Central Command (CENTCOM) forces completed another round of strikes against Iran for the 12th consecutive night. President Trump threatened to bomb bridges or power plants every time Iran shoots at a ship in the Strait of Hormuz
U.S forces struck Iranian military targets including maritime capabilities, missile and drone storage facilities, coastal surveillance sites, and air defense systems. The strikes further degrade Iran’s ability to attack civilian mariners and commercial vessels.
Bitcoin and XRP Slips amid Rising Oil Prices, US Treasury Yields Two-chokepoint risk for global oil supply caused oil prices to spike above $88 per barrel today. Oil prices are now up more than 31% since July-start, with no signs of an end to the US-Iran war.
Meanwhile, the US dollar index (DXY) slipped below 101.71 amid inflation concerns from surging energy costs. The 10Y Treasury Yield is approaching 4.70% and a fresh 52-week high, triggering selloffs in Bitcoin price. This puts the 10Y Treasury Yield up over 70 basis points since the US-Iran war began, with markets continuing to brace for an energy shock.
30-Year Treasury Yield closing in on its highest level since the run-up to the Global Financial Crisis 🚨 🚨 pic.twitter.com/8EeHCTctVb
— Barchart (@Barchart) July 22, 2026
Bitcoin fell more than 1% amid Yemen’s attacks in the Red Sea. The price is currently trading near $65,600, with a 24-hour low and high of $65,514 and $66,401, respectively.
Furthermore, trading volume has decreased by 9% in the last 24 hours, indicating a drop in interest among traders. Investors await US economic events and the Fed rate decision for cues on market direction.
Meanwhile, XRP price hit resistance near $1.16 again and fell to $1.13. Trading volume has dropped 32% as traders weigh rising Middle East tensions. XRP futures open interest also dropped more than 1% to $2.51 billion in the past 4 hours.
Navigating these volatile macro environments requires a dedicated suite of the best crypto research tools to analyze blockchain transaction volume and market sentiment.
Key Highlights Jack Mallers departed from his Twenty One Capital CEO position on July 20 to refocus on Strike operations Former Wall Street executive and Elektron Energy founder Raphael Zagury assumes the chief executive role A planned merger combining Twenty One Capital, Strike, and Elektron Energy has been terminated The firm maintains a Bitcoin reserve of 43,514 BTC valued at approximately $2.9 billion, ranking second among corporations Share price for XXI declined nearly 15% on July 21 in response to the announcement Twenty One Capital has announced Jack Mallers’ resignation from the CEO position, effective as of July 20. The board of directors has appointed Raphael Zagury to succeed him in the leadership role.
🚨BREAKING: Jack Mallers steps down as CEO of Twenty One Capital
Mallers announced his resignation from $XXI, the Tether-backed Bitcoin treasury company launched in April 2025, saying the role helped clarify his long-term priorities.
The departure comes amid a brutal decline… pic.twitter.com/Swpo4ivqH2
— Coin Bureau (@coinbureau) July 22, 2026
Mallers played a founding role in establishing Twenty One Capital and led the company through its December 2025 public debut on the New York Stock Exchange via a SPAC transaction with Cantor Equity Partners.
Three-Way Combination Terminated The leadership change coincides with the termination of a proposed tripartite merger involving Twenty One Capital, Strike, and Elektron Energy. Tether initially unveiled this strategic combination at the Bitcoin Conference in April 2026.
The proposed transaction aimed to unite Twenty One’s substantial Bitcoin reserves, Strike’s payment technology infrastructure, and Elektron’s cryptocurrency mining capabilities under a single publicly traded entity. That arrangement has now been abandoned.
Strike will continue operating independently. While Twenty One and Elektron are exploring a potential bilateral arrangement, no formal agreement has materialized.
Mallers addressed his departure succinctly on X: “My life’s work remains Bitcoin. My Bitcoin company is Strike. The work continues.”
I've decided to step down as CEO of Twenty One.
This wasn't an easy decision, but it was the right one. This experience brought tremendous clarity about who I am and what I want to build.
My life's work remains Bitcoin. My Bitcoin company is @Strike.
The work continues. pic.twitter.com/L70YFYPt11
— Jack Mallers (@jackmallers) July 21, 2026
Leadership Transition Brings Strategic Pivot Zagury arrives with extensive financial services credentials. His career includes senior roles at Goldman Sachs, Deutsche Bank, and Merrill Lynch, followed by co-founding investment banking firm One Partners and Brazilian digital lending platform OpenCo.
Prior to his CEO appointment, he served as an independent board member at Twenty One Capital and interim audit committee chairman.
Contrasting with Mallers’ emphasis on accumulating Bitcoin assets, Zagury is articulating a strategy centered on institutional rigor. He stated that Twenty One “should be measured by the cash flow it generates and the discipline with which it allocates capital.”
Tether’s CEO Paolo Ardoino, a Twenty One board member, expressed appreciation for Mallers’ contributions in establishing the company and navigating its NYSE listing process.
Treasury Position and Market Response Twenty One Capital maintains custody of 43,514 BTC, positioning it as the second-largest corporate Bitcoin holder after Strategy. At prevailing market rates, the portfolio is valued near $2.9 billion, compared to an acquisition cost basis around $3.69 billion.
XXI stock experienced a nearly 15% decline on July 21, with trading occurring between $4.60 and $5.40. The security has retreated approximately 53% from its 2025 high near $47.
In May 2026, Tether strengthened its ownership position by acquiring SoftBank’s approximately 25% equity stake, which the Japanese conglomerate had initially purchased for $999.3 million.
Under new management, the organization has identified five strategic focus areas: strengthening corporate governance frameworks, developing operational business units, increasing capital markets engagement, pursuing selective acquisitions, and launching a Bitcoin-collateralized lending operation.
The company’s upcoming quarterly results are anticipated in early August, when stakeholders will seek clarity on Elektron negotiations and Zagury’s strategic direction.
Twenty One Capital has abandoned plans to merge with Bitcoin financial services company Strike, ending a key part of a proposed three-way combination backed by Tether.
Summary
Strike will remain independent after Twenty One abandoned plans to combine three major Bitcoin businesses. Jack Mallers stepped down as Twenty One CEO to focus on Strike’s next growth phase. Elektron founder Raphael Zagury now leads Twenty One while both companies continue evaluating a possible combination. The company confirmed the change on July 21 alongside a leadership shake-up. Jack Mallers stepped down as Twenty One’s chief executive to focus on Strike, while Elektron Energy founder Raphael Zagury took over as CEO effective July 20. Strike will continue operating as an independent company.
I've decided to step down as CEO of Twenty One.
This wasn't an easy decision, but it was the right one. This experience brought tremendous clarity about who I am and what I want to build.
My life's work remains Bitcoin. My Bitcoin company is @Strike.
The work continues. pic.twitter.com/L70YFYPt11
— Jack Mallers (@jackmallers) July 21, 2026 The decision ends the original plan to combine Twenty One’s Bitcoin treasury business, Strike’s financial services platform and Elektron’s mining infrastructure. However, Twenty One said a separate transaction with Elektron remains under review and has not reached a definitive agreement.
Strike exits broader Bitcoin consolidation plan Tether proposed the wider combination in April. The plan called for Twenty One to merge with Strike before pursuing another transaction with Elektron Energy. The proposed structure would have brought Bitcoin treasury management, payments, lending and mining under one corporate group.
As crypto.news previously reported, the proposal initially sent Twenty One shares higher in after-hours trading. At the time, Tether said the expanded business could move Twenty One beyond holding Bitcoin and into operating businesses capable of generating recurring revenue.
That strategy has now changed. Twenty One said Strike “plans to remain a standalone business and is no longer being considered for a business combination” with the company. Mallers will also return his full attention to the business he founded.
Mallers said, “Serving Bitcoiners has always been the mission, and that doesn’t change. Strike is where I carry it forward.” Twenty One did not provide a detailed reason for ending the proposed combination with Strike.
Raphael Zagury takes control of Twenty One Zagury now takes charge as Twenty One shifts its strategy toward operating businesses, capital markets services, Bitcoin-backed financial products and lending. He previously served as a Twenty One director while leading the team behind Elektron Energy.
“My job is to build the operating company around it,” Zagury said, referring to Twenty One’s large Bitcoin balance sheet. He added that the company plans to focus more closely on cash flow and capital allocation alongside its Bitcoin holdings.
Twenty One and Elektron could still combine. The company said any potential acquisition remains at a preliminary stage and would require review under rules covering related-party transactions. It also warned that there is no guarantee the companies will reach or complete a final deal.
The narrower talks come after Tether increased its control over Twenty One earlier this year. Tether acquired SoftBank’s entire stake in the Bitcoin treasury company in May, ending one of Twenty One’s largest outside ownership positions.
Twenty One resets strategy after ownership changes The management transition follows other changes at Twenty One since the SoftBank exit. As previously reported, the company received an NYSE compliance notice after board departures left its audit committee below required independence levels.
Twenty One is now presenting itself as a broader Bitcoin-focused operating company rather than only a corporate treasury vehicle. Its updated priorities include acquisitions, capital markets activities and a Bitcoin-native lending business designed to let holders access liquidity without selling their assets.
For now, the original three-company consolidation plan is no longer moving forward. Strike remains under Mallers as an independent business, Zagury has taken control of Twenty One, and talks involving Elektron continue without a final agreement.
Bitcoin (BTC) rose to its highest price in one month of $66,000 despite President Donald Trump threatening to strike a key nuclear site in Iran. Trump’s threat comes even as reports emerge that Iranian negotiators are holding talks for a 10-day ceasefire that could revive the deal between the US and Iran.
Bitcoin Price Holds $65K Despite Escalating Geopolitical Tensions Bitcoin trades at $65,865 today, June 22. BTC price is now up by 1.71% in the last seven trading days, with the gains occurring despite escalating tensions between the US and Iran that have pushed oil reserves to a 43-year low.
The BBC now notes that Trump has warned that the US will attack the Pickaxe Mountain, where Iran is speculated to hold nuclear centrifuges.
“We’ll be hitting that area pretty soon, and very heavily,” Trump said.
In response, Iran has said that such an attack would force it to retaliate with more strikes in the Middle East.
The threats are coming shortly after Reuters noted that Iranian mediators have passed a proposal that would offer a ceasefire for ten days, within which the US and Iran could revive their peace deal.
CoinGape also reported earlier that the US Secretary of State Marco Rubio said the US is still open to negotiating with Iran, with this optimism driving gains in Bitcoin price.
Bitcoin Price Remains Within Ascending Channel as Bulls Target $69,000 The price of Bitcoin is moving within a rising parallel channel, and this suggests that the momentum is favoring bulls.
However, the uptrend faltered when BTC reached the obstacle at the top of this channel at $66,956.
If this drop continues to the midline of this channel at $65,000, and Bitcoin closes below it, the king coin could retest support at the 61.8% Fib of $63,458.
But if Bitcoin price can close above this resistance of $66,956, it could reach the 123.6% Fib of $69,116.
The MACD line that is positive suggests that bulls still have the upper hand, and this might allow BTC price to defend the support at $65,000 and create room for a move to $69,000.
BTC/USDT: 4-hour chart (Source: TradingView) The ADX line that is rising also supports a bullish long-term Bitcoin price prediction. It suggests that the upward trend that the rising channel shows remains strong.
Rising ETF Inflows and Whale Buying Signal Accumulation Data from SoSoValue shows that inflows to spot Bitcoin ETFs reached $203 million on July 11. The ETFs now have six straight days of inflows, suggesting that institutional demand is rising.
The inflows also coincide with whales buying 48,000 BTC between June 21 and July 21 as Bitcoin price dropped below $60,000. CryptoQuant notes that these purchases have increased the holdings of wallets with 1,000 to 10,000 BTC to 3.09 million BTC.
Bitcoin Exchange Netflow (Source: CryptoQuant) Analyst Ruga Research also observes that 9,030 BTC was withdrawn from Binance on July 20. The analyst notes that this is the biggest single-day withdrawal for Bitcoin since February 6.
The accumulation by institutions and whales suggests that there could be less selling pressure on Bitcoin in the near term, and this could aid a move to the net resistance at $69,000.
Tether International announced on Tuesday that Twenty One Capital has appointed Raphael Zagury as its chief executive, succeeding Jack Mallers, who is leaving the role to focus on Strike, the Bitcoin payments company he founded.
The companies said the transition will be managed through an orderly transfer of responsibilities and confirmed they are no longer proceeding with plans unveiled in April to combine Twenty One Capital, Strike and Elektron Energy. Strike will continue as an independent company.
The abandoned proposal would have created a single Bitcoin-focused company with exposure to mining, payments and capital markets. Mallers had been expected to remain CEO of the combined business, while Zagury was slated to become president.
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The transaction was also expected to increase Twenty One Capital’s Bitcoin holdings by incorporating Strike’s Bitcoin treasury but those plans have now been shelved.
The leadership change comes after Mallers oversaw the creation and public listing of Twenty One Capital, helping establish the firm as one of the world’s largest corporate Bitcoin holders. Twenty One Capital currently holds 43,514 Bitcoin worth approximately $2.9 billion.
“I’m grateful to everyone at XXI and everyone who believed in what we built,” Mallers stated. “Serving Bitcoiners has always been the mission, and that doesn’t change. Strike is where I carry it forward.”
“On behalf of the Board of Directors, I would like to thank Jack for his vision and leadership in founding Twenty One Capital, and for guiding the company through its business combination and successful listing on the New York Stock Exchange in December 2025,” Tether CEO Paolo Ardoino stated. “He took conviction in Bitcoin and turned it into a public company, and we’re grateful for that.”
The company said it will now build on that foundation by expanding into Bitcoin-focused financial services, lending, capital markets products and educational programs, with further details on its strategic direction expected in the coming months.
Zagury, who currently heads the team managing Elektron Energy, has served on Twenty One Capital’s board and will remain a director after assuming the CEO role. His background includes senior positions at Goldman Sachs, Deutsche Bank and Merrill Lynch, as well as leadership roles at fintech lender OpenCo and investment bank One Partners.
“Now that we embark on the next chapter, Rapha is one of the best operators in this industry, with a track record of building businesses with strong cash flows and disciplined execution. He brings exactly the operating standards XXI needs as it enters its next phase of growth,” Ardoino added.
Zagury said his focus will be on applying institutional standards of governance, operational rigor and disciplined capital allocation to maximize the value of the company’s Bitcoin-backed balance sheet.
“Twenty One holds one of the largest Bitcoin balance sheets in the public markets,” Zagury commented on the move. “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.”
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Board member Raphael Zagury takes over the Tether-backed bitcoin treasury company, and Strike is no longer under consideration for a business combination.
Jack Mallers said he is stepping down as CEO of Twenty One Capital, the Tether-backed bitcoin treasury company he founded, to focus on his payments firm Strike.
"I've decided to step down as CEO of Twenty One," Mallers wrote on X on Tuesday. "My life's work remains Bitcoin. My Bitcoin company is @Strike. The work continues."
Twenty One Capital, which trades under the ticker $XXI, is naming Raphael Zagury as CEO to succeed Mallers. Mallers is returning to Strike full-time.
Twenty One Capital was assembled as one of the largest bitcoin treasury vehicles, positioned against Michael Saylor's Strategy. Mallers founded the company and had run it alongside Strike, the bitcoin payments company he leads.
Mallers did not state a reason for the departure beyond wanting to concentrate on Strike. He described the decision as difficult but "the right one" and said the experience "brought tremendous clarity about who I am and what I want to build.”
Key HighlightsStrike Chooses Independence as Leadership ReshufflesTwenty One Capital Refines Bitcoin-Centric VisionContext Behind Tether’s Strategic Reconfiguration Strike withdraws from proposed merger with Twenty One Capital and Elektron Energy
Jack Mallers resigns from Twenty One Capital CEO position while maintaining Strike leadership
Elektron Energy and Twenty One Capital maintain ongoing merger discussions
Tether adjusts corporate strategy following Strike’s departure from deal
Twenty One Capital pivots direction with new leadership structure
A Tether-supported initiative to merge Twenty One Capital, Strike, and Elektron Energy has collapsed following Strike’s decision to withdraw from the arrangement. Jack Mallers is stepping away from his position at Twenty One Capital while maintaining his leadership role at Strike. Meanwhile, Twenty One Capital and Elektron Energy are exploring a potential partnership under revised management as both organizations recalibrate their strategic approaches.
Strike Chooses Independence as Leadership Reshuffles The original merger plan aimed to consolidate Bitcoin treasury management, cryptocurrency payment processing, and mining infrastructure within a single publicly-traded entity. That vision has been abandoned. Strike has opted to maintain its autonomous operations.
Jack Mallers has relinquished his chief executive position at Twenty One Capital, the role he held since the company’s inception. Despite this departure, he retains his CEO position at Strike and will continue guiding its strategic development. Raphael Zagury, previously heading Elektron Energy, has transitioned into the leadership role at Twenty One Capital.
According to a Bloomberg report, both Strike and Twenty One Capital have verified that the three-way merger has been terminated. Nevertheless, negotiations between Twenty One Capital and Elektron Energy continue to progress. Tether maintains controlling ownership positions in both entities.
Twenty One Capital Refines Bitcoin-Centric Vision Tether unveiled the merger initiative in April, aiming to consolidate three distinct cryptocurrency enterprises into one publicly-listed corporation. The framework positioned Twenty One Capital as the Bitcoin treasury arm, Strike as the payment infrastructure provider, and Elektron Energy as the mining division. The reconfigured approach now eliminates Strike from consideration.
Raphael Zagury assumes control of Twenty One Capital’s direction following his appointment as chief executive. The organization seeks to reinforce its operational infrastructure, governance protocols, and capital markets presence. Furthermore, leadership is determined to evolve beyond passive Bitcoin accumulation.
The refreshed approach encompasses acquiring operational enterprises and optimizing capital deployment. Twenty One Capital intends to establish Bitcoin-collateralized lending platforms while diversifying financing mechanisms. The firm also targets the creation of more robust and consistent revenue streams.
Context Behind Tether’s Strategic Reconfiguration Twenty One Capital debuted in 2025 with financial support from Tether, Cantor Fitzgerald, and SoftBank. Tether subsequently purchased SoftBank’s equity position, consolidating greater authority over the enterprise. The stablecoin provider has simultaneously broadened its portfolio across Bitcoin mining and digital infrastructure investments.
Previous merger proposals had garnered endorsement from Tether, which planned to approve the consolidation of these operations. The arrangement sought to establish a unified public entity encompassing treasury operations, payment systems, and mining activities. Ultimately, the parties withdrew from this comprehensive framework prior to finalization.
Strike has pursued independent expansion throughout this timeframe. The platform obtained a New York BitLicense and a money transmitter license from the New York Department of Financial Services in March. Elektron Energy maintains operational control of roughly 50 exahashes per second in Bitcoin mining power while keeping production expenses beneath current Bitcoin valuations.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
PANews reported on July 22 that the U.S. Attorney’s Office for the District of Columbia, together with the U.S. Secret Service Washington Field Office, announced that investigations into multiple international cyber fraud cases have led to the seizure of over $25 million in cryptocurrency, funds suspected to originate from crypto investment scams targeting residents of the United States and Canada.
This operation is part of the U.S. “Scam Center Strike Force,” launched in 2025 by District of Columbia Prosecutor Jeanine Ferris Pirro, with total assets recovered to date exceeding $800 million.
U.S. prosecutors said that on July 21, 2026, the District of Columbia U.S. Attorney’s Office filed five civil forfeiture complaints in U.S. district court, seeking forfeiture of over $25 million in crypto assets recovered in various fraud investigations. Investigators said these cases involve multiple money laundering networks and victims worldwide. Criminal groups lured victims into investing through fake crypto investment platforms, online romance scams, and other methods, then obscured the source of funds by moving them through multiple wallet addresses and mixing services. The seized funds are linked to five main investigations:
In one case, Canadian law enforcement provided the U.S. Secret Service with wallet addresses suspected of transferring illicit proceeds. Investigators froze the addresses and traced more than 270 suspected victim transactions, involving approximately $10.4 million;
The second case involves online romance scams, with over 200 victims defrauded. The illicit funds were moved through hundreds of intermediary wallet addresses and commingled with funds from other victims, amounting to about $12.08 million;
The third case involves a victim in the Washington, D.C. capital region who participated in a fake crypto investment project and lost contact with the scammers after a withdrawal failure, with related funds of around $1.23 million;
In the fourth case, a victim transferred millions of dollars in cryptocurrency to a fraudulent investment account. Investigators traced some of the funds to six wallet addresses and froze approximately $2.39 million;
In the fifth case, scammers impersonated a “stolen asset recovery” agency, tricking victims into paying fees, involving about $285,000.
The U.S. Secret Service said these cases remain under active investigation, and law enforcement is tracking the suspects behind the fraud networks and will work with international law enforcement agencies to hold them accountable.
According to official announcements, the U.S. Attorney’s Office for the District of Columbia and the U.S. Secret Service Washington Field Office jointly announced today that multiple investigations conducted by their joint cyber fraud task force have seized over $25 million in cryptocurrency assets. The assets are linked to an international fraud network targeting residents of the U.S. and Canada, and are part of the more than $800 million in illicit assets cumulatively recovered by the U.S. Department of Justice’s Fraud Center Strike Force, which was established in 2025.
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Leadership Change And Merger CollapseFounder and Chief Executive Officer Jack Mallers stepped down after board disagreements over corporate strategy, handing leadership to Wall Street veteran Raphael Zagury.
Coinciding with the leadership shift, the company’s planned combination with payments platform Strike and Bitcoin miner Elektron Energy was officially terminated.
Strategy Shift Raises Investor ConcernsInvestor sentiment appeared to weaken following several changes to the company’s original strategy. Jack Mallers resigned as CEO to focus full-time on Strike, the Bitcoin payments network he co-founded, while Strike will remain an independent company instead of joining Twenty One, removing its transaction network from the company’s planned Bitcoin-native platform.
Investors also face uncertainty over a potential acquisition of Elektron Energy, which remains at a preliminary stage with no assurance a deal will be completed. Any transaction would also be subject to heightened scrutiny because new CEO Raphael Zagury co-founded and leads Elektron, requiring related-party review and board approval.
Raphael Zagury Brings Wall Street ExperienceZagury, whose appointment took effect July 20, previously served as an independent director and interim Audit Committee chair for Twenty One. He resigned from his committee roles to take the chief executive position but remains on the board.
Before joining Twenty One, Zagury held senior positions at Goldman Sachs, Deutsche Bank and Merrill Lynch. He also co-founded boutique firm One Partners, Brazilian lender OpenCo and Elektron Energy.
Twenty One Refocuses On Institutional Bitcoin StrategyUnder Zagury, Twenty One is shifting its strategy away from the previously proposed combination with Strike and toward building an institutional Bitcoin operating company focused on cash flow and disciplined capital allocation.
“Twenty One holds one of the largest Bitcoin balance sheets in the public markets,” Zagury said. “My job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution.”
Moving forward, the company plans to prioritize positive cash flow, disciplined capital allocation, Bitcoin-backed financial products and corporate lending.
Twenty One Capital Price ActionXXI Stock Price Activity: Twenty One Capital shares were down 9.78% at $4.80 at the time of publication on Tuesday, according to Benzinga Pro data.
Image via Shutterstock
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Strike has officially exited a planned merger supported by Tether that aimed to combine Strike, Twenty One Capital, and Elektron Energy under a single publicly listed entity. The decision brings significant changes for all involved parties, leading to a restructuring of leadership and corporate strategies as the groups adapt to new circumstances.
Leadership changes and merger statusJack Mallers, founder and CEO of Strike, has resigned from his role as chief executive at Twenty One Capital. Mallers continues to lead Strike, ensuring the company remains focused on its original business operations. Raphael Zagury, previously the head of Elektron Energy, has stepped into the CEO position at Twenty One Capital, taking on responsibility for the firm’s strategic direction.
Strike’s choice to remain independent has resulted in the abandonment of the initial merger vision, which sought to bring together Bitcoin treasury management, payments infrastructure, and mining operations under one consolidated structure. Both Strike and Twenty One Capital have confirmed that the three-way merger has been terminated; however, Twenty One Capital and Elektron Energy are continuing discussions about a revised partnership.
Tether, which retains controlling ownership stakes in both Twenty One Capital and Elektron Energy, is now reassessing its approach following Strike’s departure from the merger framework.
Raphael Zagury’s appointment at Twenty One Capital marks a shift towards reinforcing operational infrastructure and governance, while leadership aims to expand beyond passive Bitcoin holding strategies.
Strategy update for Twenty One Capital and Elektron EnergyUnder its restructured leadership, Twenty One Capital will focus on building a robust capital markets presence, strengthening governance practices, and pursuing strategic investments and acquisitions. The company is preparing to launch Bitcoin-collateralized lending platforms and explore diversified finance mechanisms as part of broadening its revenue base.
Elektron Energy, meanwhile, continues to operate approximately 50 exahashes per second of Bitcoin mining power while maintaining production costs below prevailing market prices. The company remains in active negotiations with Twenty One Capital regarding possible future collaborations.
Industry observers note that technological advancements and market dynamics require adaptable tools for investors and companies alike. To stay ahead in this evolving landscape, solutions like CryptoAppsy, which requires no account creation hassle, combine crypto investments with real-time prices, detailed charts, and multi-currency portfolio management on a single screen. This all-in-one financial assistant allows users to instantly seize opportunities with smart price alerts, filter news by specific coins, discover newly listed altcoins as they emerge, and monitor macroeconomic data such as Fed interest rates to stay one step ahead of the market.
Tether’s investment strategy and ongoing changesTwenty One Capital entered the cryptocurrency sector in 2025, backed financially by Tether, Cantor Fitzgerald, and SoftBank. Tether later purchased SoftBank’s stake, consolidating increased control over the enterprise while maintaining a central role in shaping strategy.
Initially, the merger plan positioned Twenty One Capital as a Bitcoin treasury, Strike as the payments platform, and Elektron Energy as the mining arm. With Strike’s withdrawal, Tether has had to adjust its corporate approach, focusing on strengthening the remaining entities and exploring opportunities for further investment in mining and digital infrastructure.
During the certificate acquisition process earlier this year, Strike secured a New York BitLicense and a money transmitter license from the New York Department of Financial Services, allowing the company to continue operating as an independent payments firm and maintain momentum in the fast-changing crypto environment.
Twenty One Capital’s revised strategy emphasizes expanding capital deployment into operational businesses and launching Bitcoin-focused financial products while aiming for more reliable, consistent revenue streams.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Trump: Iran is eager to meet, but we are not interested.
US President Trump said that Iran is eager to meet, but the US has no interest in holding a meeting until Iran is ready.
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Apple to launch "upgrade" device rental program to boost sales
Apple (AAPL.O) is launching an "upgrade" device leasing program to boost sales, covering iPhone, iPad, Mac, and Apple Watch.
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NVIDIA: Major Clients Have Begun Testing Vera Rubin Devices
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Iran's Revolutionary Guard hits U.S. military radar in Kuwait.
According to Iran's Press TV, Iran's Revolutionary Guard hit a U.S. military radar at Kuwait's Al Jaber Base.
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Liang Wenfeng’s Huanfang and Jiuzhang secure the largest share in Changxin Technology’s private placement new share offering, with 113 private equity firms receiving allocations.
The preliminary offline placement results for Changxin Technology show that a total of 2,459 products under 113 private equity firms secured offline placements in the company, with a total of 161 million shares allocated, amounting to 1.436 billion yuan. The announcement notes that offline institutional investors are divided into Category A (public funds, social security funds, pension funds, enterprise annuities, bank wealth management products, insurance companies, QFIIs) and Category B (private equity firms, broker-dealer proprietary trading, trusts, financial companies, etc.). Category A investors, dominated by public funds, received 1.978 billion shares, accounting for 91% of the total offline issuance; while Category B investors, led by private equity firms, secured 196 million shares, making up only 9% of the total offline issuance. Among the private equity placement list, the top ten by number of placement objects are all leading quantitative private equity firms. Shanghai Yanfu has a total of 282 placement objects allocated, ranking first among private equity firms; Century Front, Jiukun Investment, Shanghai Chengqi, and Huanfang Quant have 209, 194, 167, and 153 placement objects respectively; Lingjun Investment, Shanghai Jinde, and Minghong Investment also have over 100 allocated products each, at 107, 105, and 100 respectively. Notably, Liang Wenfeng, founder of DeepSeek and a prominent private equity figure, took the largest share among private equity placements. Public information shows that the actual controllers of two leading 100-billion-yuan private equity firms, Ningbo Huanfang Quant and Zhejiang Jiuzhang Asset Management, are both Liang Wenfeng. This means that through his two private equity firms, Liang Wenfeng has a total of 194 private equity products allocated, with a total of 20.2497 million shares secured, amounting to approximately 175 million yuan. (The Paper)
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Pump.fun launches BOOST mode, aiming to re-inject permanently locked liquidity into the token market.
Meme coin launch platform pump.fun has announced the launch of its new BOOST mode, set as the default launch mechanism for all new Pump.fun tokens moving forward. The feature is designed to address the long-standing "dead liquidity" problem during token migrations, using a buyback and burn mechanism to re-inject liquidity that was previously permanently locked back into the token market. Pump.fun noted that over $100 million in liquidity is permanently lost annually during token migrations, with these funds no longer available to support market liquidity. Historically, roughly 20% of liquidity remains stuck in liquidity pools (LPs) for every token that completes migration — even after all traders sell their positions, some funds stay locked in the pools permanently. BOOST mode will leverage this trapped liquidity to re-inject into the market via an automatic buyback mechanism within 5 minutes of each token migration completion. Specifically, BOOST will execute buybacks using a post-migration time-weighted average price (TWAP) and automatically burn the purchased tokens. For SOL trading pairs, 17.6 SOL will be injected, while USDC trading pairs will receive $2,516 in funds. The mechanism requires no manual activation from users: all new Pump.fun tokens that complete migration after 10:23 AM Eastern Time (ET) on July 21 will automatically enable the BOOST configuration. Tokens migrated prior to this date or issued via the Mayhem platform do not include the feature. The upgrade aims to improve trading experiences and enhance the long-term utilization efficiency of liquidity within the ecosystem.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Strike will remain a standalone company after the proposed three-way merger was scrapped, while Twenty One Capital and Elektron continue discussions, Bloomberg reported.
A proposed merger involving Tether-backed crypto companies Twenty One Capital, Strike and Elektron Energy has reportedly been scrapped.
Jack Mallers will step down as CEO of Twenty One Capital while remaining CEO of Strike, according to Bloomberg. Elektron Energy CEO Raphael Zagury has been appointed to succeed Mallers.
Strike will continue operating as a standalone company instead of combining with Twenty One Capital. Discussions between Twenty One and Elektron are continuing, Bloomberg reported. Tether holds majority stakes in both companies.
Twenty One’s (XXI) NYSE-traded shares were little changed in Tuesday’s premarket activity.
As Cointelegraph reported in April, Tether said it planned to vote in favor of a proposed merger between Twenty One Capital and Mallers’ Bitcoin payments company, Strike. The proposal also envisioned merging the combined company with Bitcoin miner Elektron Energy.
Twenty One Capital launched in 2025 with backing from Tether, Cantor Fitzgerald and SoftBank. Tether bought SoftBank’s stake in the company in May.
Twenty One held 43,514 Bitcoin at the time of writing, making it the world’s second-largest corporate BTC holder behind Michael Saylor’s Strategy, according to tracking website BitcoinTreasuries.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Strike will remain a standalone company after the proposed three-way merger was scrapped, while Twenty One Capital and Elektron continue discussions, Bloomberg reported.
A proposed merger involving Tether-backed crypto companies Twenty One Capital, Strike and Elektron Energy has reportedly been scrapped.
Jack Mallers will step down as CEO of Twenty One Capital while remaining CEO of Strike, according to Bloomberg. Elektron Energy CEO Raphael Zagury has been appointed to succeed Mallers.
Strike will continue operating as a standalone company instead of combining with Twenty One Capital. Discussions between Twenty One and Elektron are continuing, Bloomberg reported. Tether holds majority stakes in both companies.
Twenty One’s (XXI) NYSE-traded shares were little changed in Tuesday’s premarket activity.
As Cointelegraph reported in April, Tether said it planned to vote in favor of a proposed merger between Twenty One Capital and Mallers’ Bitcoin payments company, Strike. The proposal also envisioned merging the combined company with Bitcoin miner Elektron Energy.
Twenty One Capital launched in 2025 with backing from Tether, Cantor Fitzgerald and SoftBank. Tether bought SoftBank’s stake in the company in May.
Twenty One held 43,514 Bitcoin at the time of writing, making it the world’s second-largest corporate BTC holder behind Michael Saylor’s Strategy, according to tracking website BitcoinTreasuries.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
A deal that was supposed to reshape the public Bitcoin company landscape is dead. The proposed three-way merger involving Twenty One Capital, Strike, and Elektron Energy has been officially canceled, Bloomberg reported on July 21, 2026.
Jack Mallers, who had been serving as CEO of Twenty One Capital while simultaneously running Strike, has resigned from the Twenty One role. Raphael Zagury, previously CEO of Elektron Energy, steps into Mallers’ former seat. Strike, meanwhile, walks away entirely and continues as a standalone company.
What the deal was supposed to be The merger was first floated at the end of April 2026, roughly three months before it fell apart. The idea was to combine three distinct but complementary operations: Twenty One Capital’s publicly listed Bitcoin treasury structure, Strike’s payments infrastructure, and Elektron Energy’s mining operations.
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Tether had proposed backing the combined entity with $2.1 billion in fresh credit, a number that would have given the merged company serious firepower for Bitcoin accumulation and operational scaling. Twenty One Capital trades on the NYSE under the ticker XXI and had already attracted backing from SoftBank and Cantor Equity Partners.
No specific financial terms or formal timelines for the merger were publicly disclosed before it was called off. What was disclosed, on July 21, 2026, was that it was over.
Why this matters beyond the headline Mallers returning full-time to Strike signals where he sees the actual opportunity. Strike is a payments company built on Bitcoin’s Lightning Network, and running a public company simultaneously was always a stretch. He’s back to one job.
Putting Zagury in charge of Twenty One Capital is a notable pivot. He came up through Elektron Energy, which is a mining-side business, a very different operational culture than payments or treasury management.
The $2.1 billion Tether credit line that was supposed to anchor the deal is now, presumably, undeployed in this context. The Bloomberg report notes that preliminary discussions between Twenty One Capital and Elektron Energy may still proceed at some point, meaning this isn’t necessarily a permanent severance between those two entities.
What investors should be watching The merger’s failure also puts a spotlight on a broader question: are public Bitcoin treasury companies actually better as consolidated entities, or do they perform better with focused, single-mandate operations? Twenty One Capital’s original pitch was similar to Strategy, formerly MicroStrategy, which built its reputation by doing exactly one thing relentlessly. Layering in mining and payments via merger introduced complexity that, apparently, wasn’t worth the tradeoff.
The fact that this one unraveled in under three months suggests the friction was significant, even if the specific reasons haven’t been publicly detailed.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The Strike founder is leaving the Tether-controlled treasury company after a board disagreement, as a proposed three-way merger with Strike and Elektron Energy collapses.
Original Image Credit: JP 3D / Shutterstock.com
Posted July 21, 2026 at 11:12 am EST.
Bitcoin financial-services company Strike founder Jack Mallers has stepped down as chief executive of Twenty One Capital, the Tether-controlled treasury company he helped launch. In a video statement posted to X, Mallers said he had decided to leave to return to Strike.
Mallers tied his departure to a disagreement over direction, saying that over time “the board and I did not agree on the path toward building for that vision.” He described the split as amicable, saying no one had acted in bad faith.
Twenty One said its board appointed Raphael Zagury, founder and chief executive of Bitcoin miner Elektron Energy and an existing company director, as CEO effective July 20. Zagury and Mallers are working together on an orderly transition, Twenty One said.
Tether’s Three-Way Merger Falls Apart The leadership change came alongside confirmation that Strike is pulling out of Tether Investments’ proposed three-way merger folding Twenty One, Strike, and Elektron into a single listed platform spanning treasury, mining, financial services, and capital markets. Twenty One now says Strike will stay independent and is off the table as a merger partner. A two-way tie-up with Elektron stays under evaluation but at a preliminary stage, with no assurance it closes.
Twenty One, meanwhile, outlined a refreshed strategy centered on operating businesses, disciplined capital allocation, and Bitcoin-backed lending.
“My job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution,” Zagury said in a statement shared by Twenty One. “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.”
Related Listen: Why Cap Cuts Its Stabledrop Rewards From $11M to $4M: Uneasy Money
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Two U.S. service members were killed and one remained missing after Iran struck Muwaffaq Salti Air Base. High-speed, maneuvering missiles challenged layered defenses, though CENTCOM has not identified the weapons. Earlier attacks on regional radars may have reduced warning time available to Patriot and THAAD crews. U.S. officials are reviewing foreign targeting support, but no direct link has been publicly confirmed. An Iranian ballistic-missile and drone attack on a military base in Jordan killed two U.S. service members and left another missing on July 17. U.S. Central Command said forces were defending against incoming weapons when the casualties occurred at Muwaffaq Salti Air Base near Azraq.
BREAKING: Iranian ballistic missiles have adapted to US air defenses, firing at extremely high speeds and maneuvering as they streak back toward Earth, with US officials saying Iran is getting targeting help from China and/or Russia due to the unusually high precision and…
— The Hormuz Letter (@HormuzLetter) July 18, 2026
Four injured troops were evacuated to hospitals in Jordan and later discharged, while personnel treated for minor injuries returned to duty. The deaths marked a major escalation in renewed fighting between Washington and Tehran and focused attention on complex regional missile attacks.
Advanced Missiles Strain Jordan’s Layered Air Defenses The strike reportedly involved advanced Iranian missiles that traveled at high speeds and maneuvered during their final approach. Those characteristics can complicate interception as defenders must track changing flight paths while making engagement decisions.
However, CENTCOM has not identified the missile models used or explained how the weapons penetrated the base’s defenses. Iran describes its Fattah missile as hypersonic, although the capabilities demonstrated in Jordan remain unconfirmed.
A weapon generally requires speeds above Mach 5 and atmospheric maneuverability to meet the hypersonic classification. Without technical details, the attack confirms danger but not the missiles’ exact performance.
The base faced repeated attacks during the conflict. Earlier Iranian operations reportedly damaged radar infrastructure linked to a THAAD system positioned in Jordan.
That damage matters considering radar networks provide the detection and tracking data needed by interceptor systems. Patriot and THAAD batteries depend on those sensors to identify threats and guide defensive responses.
Earlier strikes also hit radar, communications, and air-defense systems in Qatar, Bahrain, Kuwait, Saudi Arabia, and the United Arab Emirates. Together, those attacks weakened parts of the region’s early-warning network.
The pattern combined attacks on sensors with mixed salvos of drones and ballistic missiles. Such combinations can strain tracking systems, complicate priorities, and consume limited interceptor supplies.
Foreign Targeting Questions Deepen After Deadly Strike Meanwhile, U.S. officials have examined whether Iran received targeting support from Russia or China. However, neither country has been publicly linked to the July 17 strike, and no comparable evidence has emerged regarding direct Chinese assistance.
Questions about possible Russian involvement have circulated since March. At that time, U.S. officials said Moscow had shared information about American aircraft and ship locations across the Middle East.
However, the assessment did not establish that Russia supplied coordinates for specific Iranian attacks. Officials instead viewed broader targeting support as one possible explanation for Iran’s improved battlefield awareness.
The attack followed the collapse of an interim ceasefire, after which both sides expanded their military operations. The United States then conducted seven consecutive nights of strikes against Iranian surveillance sites, logistics networks, weapons storage facilities, and maritime capabilities.
At the same time, Iran attacked Jordan and several Gulf states. Consequently, military bases, energy facilities, and civilian infrastructure faced increasing pressure as the wider campaign placed regional defenses under sustained operational strain.
CENTCOM says more than 50,000 U.S. personnel remain deployed across the Middle East. Therefore, the casualties carry both immediate human costs and broader strategic consequences for Washington.
Following the strike, U.S. forces may place greater emphasis on protecting radar networks, dispersing aircraft, preserving interceptor supplies, and detecting maneuvering missiles. The attack also demonstrated how advanced weapons can challenge layered regional defenses.
Bitcoin is taking hits from two directions at once. BTC USD price is around $62,832, that headline number represent a brutal 48 hours that pushed the price below $63,000, a level traders treat as the structural floor for any credible bull case.
Whether that floor holds depends heavily on events unfolding far outside the crypto market.
U.S. airstrikes on Iran’s Hormozgan province, striking five bridges and a maritime control tower at Chabahar, according to Iran’s semi-official Fars news agency, hit risk assets hard across the board.
Japan’s Nikkei dropped nearly 3% to a one-month low. Nasdaq futures slid 2%, extending Thursday’s 1.6% cash-session loss. Bitcoin extended its own Thursday decline of roughly 1.4% from $65,000, briefly breaching $60,000 amid approximately $1 billion in crypto liquidations, with around $780 million hitting long positions.
BREAKING: Nasdaq 100 futures extend losses to over -2% as memory stocks fall sharply and the Iran War continues. pic.twitter.com/ofQioGsRol
— The Kobeissi Letter (@KobeissiLetter) July 17, 2026
Separately, President Trump declassified intelligence alleging China obtained 220 million U.S. voter records, a claim Beijing’s embassy flatly denied, rattling the Australian dollar, a reliable G10 proxy for China risk sentiment.
The macro setup is now genuinely uncomfortable for BTC bulls, and the next few sessions will test whether spot demand can absorb what leveraged traders have been forced to sell.
Two catalysts are driving volatility simultaneously, and neither has a clear resolution timeline. That’s the challenge.
DISCOVER: The Next 1000x Crypto Gem Before It Lists on Binance
Can BTC USD Price Recover Above $65,000 This Week? BTC is trading in a composite spot range of $63,000 to $64,000. The post-liquidation bounce has stalled rather than accelerated.
Volume context matters here. The $1 billion liquidation flush was a forced-seller event, not an organic distribution. That historically creates messy range-bound price action rather than clean trend moves in either direction.
BTC is trading just below its 50-day SMA, a technically soft position. Current structure reads as leveraged longs getting flushed while spot buyers defend major support. Consolidation, not collapse, but fragile consolidation.
Source: BTCUSD / Tradingview $60,000 holding as support on any retest, geopolitical headlines stabilizing, and BTC USD reclaiming $65,000 on volume opens a run toward prior resistance at $67,000. Choppy range-trading between $60,000 and $65,000 while macro uncertainty persists is the base case.
A decisive close below $60,000 on meaningful volume damages near-term bullish structure materially and likely triggers another wave of systematic selling.
That level is doing a lot of work right now. Watch it closely.
DISCOVER: Best Meme Coin ICOs to Invest in 2026
Bitcoin Hyper Presale Attracts Attention as BTC Navigates Turbulence When spot BTC churns sideways under geopolitical pressure and the easy leveraged gains have already been liquidated away, some traders rotate attention toward early-stage infrastructure plays where price discovery hasn’t happened yet.
That calculus, not hype, is what’s directing attention toward Bitcoin’s Layer 2 ecosystem right now. Volatility at the base layer tends to sharpen the argument for scalability solutions sitting above it.
Bitcoin Hyper ($HYPER) is positioning itself as the first Bitcoin Layer 2 integrating the Solana Virtual Machine (SVM), the smart contract execution environment that powers Solana’s speed, with the goal of delivering sub-second, low-cost transaction finality while inheriting Bitcoin’s security model.
The project’s Decentralized Canonical Bridge handles native BTC transfers between layers without custodial risk. The presale has raised exactly $32,968,641.95 at a current token price of $0.0136832, with staking available for participants.
That’s a meaningful amount of committed capital for a presale stage, though early-stage tokens carry significant risk, protocol delivery, token unlock schedules, and market conditions at launch all remain open variables.
Visit Bitcoin Hyper HERE.
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PGL has locked in the details for its Bucharest Masters 2026, bringing 16 invited Counter-Strike 2 teams to Romania’s capital from October 24 to 31 to compete for a total prize pool of $1,250,000. The event will be held at PGL Studios in Bucharest, a venue that has become something of a home base for the tournament organizer’s flagship events.
Here’s the thing worth noting for anyone watching the intersection of gaming and digital assets: not a single crypto sponsor is attached to this tournament. In an industry where blockchain firms were once lining up to slap logos on jerseys and arena screens, the absence is loud.
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Inside the tournament structure The $1.25M prize pool splits evenly between players and the organizations they represent. That means $625,000 goes directly to the competitors, with the other $625,000 allocated to the clubs fielding them.
All 16 teams are entering through invitation, with the invite and verified registration system (VRS) date set for July 6, 2026. That gives rosters roughly three and a half months to prepare before matches begin in late October.
Where crypto went in esports sponsorships Rewind a few years and crypto was everywhere in competitive gaming. FTX had its name on entire league partnerships. Crypto.com sponsored tournaments. Blockchain-native projects were pouring money into team jerseys, broadcast integrations, and naming rights. Then FTX collapsed, regulatory scrutiny intensified, and most of those deals evaporated.
Traditional sponsors, think hardware manufacturers, energy drinks, and telecom companies, have filled the gap without much trouble. That tells you something about demand versus supply in the sponsorship market. Esports doesn’t need crypto money to thrive.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
PayPal is facing a $53 billion takeover bid led by Stripe and Advent International. The deal, if confirmed, could reshape the digital payments sector. It would also have a strong crypto dimension, as PayPal and Stripe are already accelerating on stablecoins, blockchain accounts, and global settlements.
In brief Stripe and Advent have reportedly offered $53 billion to acquire PayPal. The deal would strengthen their position in payments and stablecoins. The deal remains unconfirmed, but it reveals PayPal’s strategic importance. PayPal becomes a strategic target for Stripe PayPal is no longer just a historic giant of online payments. It is also a target. Stripe and Advent International have reportedly offered $60.50 per share to acquire the group, with a 28% premium on its last closing price. This move comes as PayPal strengthens its stablecoin PYUSD and aims to defend its place in digital payments.
The offer would include approximately $50 billion in committed financing. This is a heavy sum, even in fintech. It shows that Stripe would not regard PayPal as just an aging competitor, but as a still valuable global infrastructure.
PayPal has a massive user base, a well-known brand, and solid experience in merchant payments. Stripe, on the other hand, appeals more to developers, platforms, and digital businesses. Together, these two worlds could form a formidable block.
The payment battle goes through crypto This deal is not just about Wall Street. It also touches crypto. PayPal launched PYUSD in 2023 and has progressively integrated it into its ecosystem. The stablecoin peaked around $4.2 billion in capitalization in February 2026 before retreating to about $2.85 billion.
Stripe is moving just as fast. The company has offered stablecoin-based accounts since 2025. It also acquired Bridge, a stablecoin infrastructure platform. Bridge received conditional approval to operate as a trusted national bank in the United States.
This convergence changes the meaning of the acquisition. Stripe would not be seeking PayPal only for its current revenues. It might want to capture its access to consumers, merchants, and the PYUSD ecosystem.
Stablecoins are becoming a competing payment layer to classic rails. They allow fast settlements, continuous availability, and easier integration into global platforms. For both Stripe and PayPal, staying on the sidelines would be more dangerous than moving too quickly.
Advent brings financial muscle The presence of Advent International gives another perspective to the deal. Stripe provides industrial logic. Advent brings financial power and experience with major acquisitions. PayPal remains a listed company, monitored and challenged by many competitors. Apple Pay, Google Pay, bank wallets, local fintechs, and card networks have fragmented the market. The group retains enormous strength, but its former advantage is no longer intact.
An acquisition might allow PayPal to escape constant market pressure. It would also provide time to restructure some activities, modernize the offering, and better integrate crypto services.
But the deal would be complex. Competition authorities would closely watch a merger between two such major payment players. Financial regulators as well, especially if stablecoins play a central role in the future strategy.
PayPal could become the bridge between fintech and stablecoins The market has already reacted nervously. PayPal shares jumped in pre-market trading after the report was published. This shows that investors take the proposition seriously, even if no official confirmation has been made.
The real stake is deeper. Stripe wants to become the invisible infrastructure of global payments. PayPal remains one of the most visible brands in the sector. Their combination could create an entity able to handle traditional payments, wallets, merchants, and stablecoins within a single framework.
For crypto, this would be a strong signal. Stablecoins would no longer be carried only by specialized issuers like Tether or Circle. They would become a strategic tool for the largest payment networks.
This offer must therefore be handled with caution. PayPal and Stripe have not commented. Financing, regulatory conditions, and party agreements remain major unknowns. But the market direction is clear. Digital payments are moving closer to blockchain, and PayPal could become one of the most contested passages between traditional finance and crypto payments.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
BLAST Premier just planted a flag in one of the most unexpected places on the competitive gaming map. The esports organizer announced that Ulaanbaatar, Mongolia, will host the BLAST Open 2027 S2, a Counter-Strike 2 tournament running May 10-23, 2027, with a $1.25 million prize pool.
What BLAST is building The Ulaanbaatar event will feature 16 teams. Eleven of those squads earn their spots through Valve Regional Standings, the ranking system that governs competitive CS2. The remaining five will fight through regional qualifiers spanning Asia, Europe, North America, and South America.
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This isn’t BLAST’s first interaction with Mongolia. The organizer held a regional qualifier in Ulaanbaatar back in 2025, essentially running a test drive before committing to a full-scale event.
The Mongolia stop fits into BLAST’s broader 2027 circuit, which includes six major events scattered across the globe. Other confirmed host cities include Rio de Janeiro, Singapore, Hong Kong, and Malta.
What this means for investors watching esports and gaming Since its inception in 2020, BLAST Premier has awarded over $26 million in cumulative prize pools across its events. The $1.25 million prize pool for BLAST Open 2027 S2 is substantial but not record-breaking by CS2 standards.
For crypto-adjacent investors, the landscape here is notably quiet. BLAST’s 2027 announcements have leaned on traditional sponsorship and audience engagement models rather than blockchain integrations or token-based fan engagement. That’s a departure from the 2021-2022 era, when esports organizations were racing to sign crypto exchange sponsorships.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
He Yi: Binance has helped users recover more than $8 billion in mistakenly transferred cryptocurrency.
Binance co-founder He Yi stated in a social media post that since 2021, Binance has helped users recover over $8 billion in mistakenly sent cryptocurrency transfers.
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JPMorgan: Stablecoin operations of Circle and Coinbase face margin pressure, leading the bank to lower their earnings forecasts.
According to Bloomberg, JPMorgan Chase & Co. has stated that the stablecoin operations of Circle Internet Group and Coinbase Global are facing growing profit pressure, noting that a new partnership with crypto trading platform Hyperliquid highlights the "prisoner's dilemma" the two leading firms are in. On Tuesday, the bank lowered its profit forecasts for the two crypto companies, explaining that the new collaboration has altered the revenue distribution structure—specifically, how proceeds from USDC, the world’s second-largest stablecoin issued by Circle, will be allocated across its distribution partners.
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Fed Chair Walsh stated that June CPI exhibits a positive correlation with inflation expectations, and did not imply that the Federal Reserve would refrain from expanding its balance sheet during crisis periods.
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Noxa's official X account appears to have been hacked; users are advised to stay vigilant against risks.
According to monitoring by Onchain Lens, the official X account of Meme token launch platform Noxa has been reportedly hacked. Community users who interacted with links posted from the account have had their wallets emptied. Users are warned not to connect their wallets, sign any transactions, or engage with any links shared by this account.
Kongsberg reported a significant increase in orders for the second quarter of 2026, driven by demand for its Joint Strike Missile (JSM). The surge in orders follows Canada’s acquisition of the JSM for its F-35 fighter fleet, marking it the sixth country to adopt the missile. This deal, valued at approximately NOK 4.7 billion, was announced at the 2026 NATO Summit in Ankara by Canadian Prime Minister Mark Carney. The JSM’s integration into Canada’s defense strategy comes amid heightened European defense spending and geopolitical tensions related to Russia’s actions in Ukraine.
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Key Takeaways The increase in Kongsberg’s orders appears consistent with heightened military investment, particularly within NATO, and could indicate rising tensions with Russia. Canada’s adoption of the Joint Strike Missile suggests an escalation in NATO’s air-strike capabilities, aligning with broader defense strategies in response to Russian activities. Market pricing suggests an increased likelihood of military clashes between NATO and Russia, with the probability rising slightly in recent days. What to Watch Observers should monitor further military procurement announcements from NATO member countries, which may indicate continued defense build-up. Additionally, diplomatic engagements between NATO and Russia could provide further insight into the evolving geopolitical landscape. Any significant military exercises or maneuvers by either side may influence market perceptions of a potential clash.
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Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Valve just did something it almost never does: it changed the rules after the fact. Finn “karrigan” Andersen, the veteran Counter-Strike player who joined Team Falcons as a last-minute substitute roughly 62 days before the IEM Cologne Major 2026, has been awarded the in-game champion trophy after leading his squad to a 3-0 sweep over FURIA in the grand finals on June 22.
What actually happened Counter-Strike Majors are the sport’s premier tournaments, and Valve, which develops the game, has historically maintained strict rules about who qualifies for in-game rewards, limiting trophies, stickers, and autographs exclusively to the five players listed on an official roster. If you weren’t on the official roster, you didn’t get the trophy or the sticker.
Karrigan replaced a player named kyxsan on the Falcons roster just weeks before the Cologne Major. Under the old rules, his substitute status would have disqualified him from receiving the champion trophy, despite the fact that he literally called the shots during a dominant grand finals performance.
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Valve reversed course. When champion items dropped in CS2 following the tournament, karrigan’s name was on them.
This marks karrigan’s second Major title, cementing his legacy as one of Counter-Strike’s most decorated in-game leaders.
Why this matters beyond esports Counter-Strike stickers and trophies tied to Major events function remarkably like non-fungible digital assets. They’re scarce, tied to specific events and players, and trade on a secondary market where prices are driven by player popularity, team performance, and rarity. The key difference from NFTs is that they live entirely within Valve’s centralized Steam ecosystem, meaning Valve is judge, jury, and market maker.
When Valve decides to change who gets a trophy, it’s not just a feel-good gesture. It’s a supply decision. Karrigan items now exist in the champion collection for IEM Cologne 2026. If the old policy had held, they wouldn’t.
The bigger picture for digital asset governance The karrigan decision highlights both the efficiency and the risk of centralized governance. Valve moved quickly. There was no governance proposal, no token vote, no two-week deliberation period. The company saw an outcome that seemed unfair, and it fixed it.
But efficiency cuts both ways. The same centralized authority that can award a trophy can also revoke one, delist items, or change market rules overnight. Steam users have no recourse mechanism beyond hoping Valve makes the right call.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
South American esports organization 9z punched their ticket to the semifinals of the XSE Pro League Guangzhou 2026 on July 9, taking down China’s TYLOO in a 2-1 best-of-three quarterfinal series. The match was part of a Valve Tier 1 tournament carrying a total prize pool of $1 million, making it one of the more significant competitive Counter-Strike events of the year.
How the match played out 9z, ranked roughly 11th-12th globally, entered the series as slight favorites against a TYLOO squad sitting around 22nd in world rankings. The South Americans justified that positioning with a convincing 13-9 victory on Nuke to open the series.
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TYLOO fought back on Mirage, forcing a tie that went to extra rounds. But 9z closed things out on Inferno to secure the 2-1 series win and a spot in the final four.
The tournament itself is organized by Xinsai Esports, known as XSE, a Chinese firm. The event runs from July 1 through July 12, with playoff matches taking place at notable Guangzhou venues including Friendship Hall and South China Agricultural University Gymnasium.
That $1 million prize pool is split evenly between player share and club share. Half goes directly to the players and the other half goes to the organizations they compete under.
The crypto-shaped hole in esports After the 2021-2022 boom when every esports org from TSM to Fnatic was inking deals with FTX, Coinbase, and a parade of now-defunct exchanges, the industry has largely retreated to traditional sponsorship models. The collapse of FTX alone left several organizations scrambling to replace naming rights deals worth tens of millions.
XSE’s ability to put up $1 million for a single tournament without a crypto sponsor attached reflects where the money is actually coming from in competitive gaming right now: corporate sponsors, media rights, and event organizers with deep pockets.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
If you’ve ever wondered where esports teams get their money, the answer has historically been: partly from places that would make compliance officers sweat. ESL FACEIT Group just made that equation a lot simpler by banning skin gambling, case-opening, and skin trading platforms from sponsoring teams at any EFG-run Counter-Strike 2 event.
The policy update, enforced in early July 2026, brings EFG’s own rulebook into alignment with licensing restrictions Valve implemented around December 2025. Any company that interacts with a player’s Valve game inventory is now explicitly banned from appearing as a sponsor, covering logos, revenue deals, and partnership arrangements across EFG tournaments.
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What exactly got banned, and why it matters EFG’s previous sponsorship guidelines already restricted categories like drugs, adult content, and other material likely to bring the tournament organizer into disrepute. The new clause specifically targets any company that interacts with a player’s Valve game inventory. If your business model depends on Steam’s item ecosystem, you can’t put your logo on a jersey at an EFG event.
Traditional cash-based gambling operators, however, remain unaffected. Because those companies don’t touch Steam’s inventory systems, they fall outside the scope of Valve’s restrictions.
The crypto connection hiding in plain sight No specific cryptocurrency tokens were mentioned in the ban. But many of these platforms have historically accepted digital assets as payment methods, creating an informal on-ramp where crypto flowed into gaming sponsorships. By cutting off skin gambling sponsors, EFG is effectively narrowing one of the channels through which crypto has entered the esports economy.
A broader industry realignment EFG’s move follows Valve’s own decision in December 2025 to restrict sponsors that interact with in-game inventories across all licensed events. EFG has historically been comfortable with these partnerships. The organization partnered with skin-trading platform CS.MONEY as recently as 2020.
The most likely pivot is toward traditional betting operators, who remain permitted under Valve’s framework. But traditional betting companies tend to have their own compliance requirements and may not offer the same terms that skin gambling platforms did.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The escalating tensions between the United States and Iran have intensified following the collapse of a ceasefire, as reported by Business. The situation has been exacerbated by the U.S. rescinding oil waivers and conducting strikes on Iranian targets, prompting Iran to shut the Strait of Hormuz to maritime traffic. This development has led to heightened military readiness, with the U.S. deploying a Carrier Strike Group and massing forces within range of Iran, indicating a potential shift from diplomatic efforts to a broader military campaign. These actions appear to be in response to recent drone attacks attributed to Iran and have raised the stakes for potential regime change.
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Key Takeaways Market activity suggests increased likelihood of a full Iranian airspace closure, with pricing for a July 31 closure rising from 8% to 20.5% over the past 24 hours. The escalation of military activities, including the deployment of U.S. forces, appears consistent with scenarios where Iran could implement a full airspace closure. Observations indicate that the current geopolitical climate may influence further increases in market pricing for airspace closure by the end of August, currently at 27%. What to Watch The next developments to monitor include any official statements from the Civil Aviation Organization of Iran regarding airspace status, as well as potential de-escalation efforts by the U.S. A confirmed closure of Iranian airspace, as indicated by NOTAMs or state broadcasts, would be a key indicator supporting a YES outcome in the market. Conversely, any indications of resumed diplomatic engagements or partial reopening of airspace segments could suggest a shift away from a full closure scenario.
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Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Strike, the bitcoin financial services firm run by CEO Jack Mallers, launched a bitcoin-backed loan product on July 7 that removes price-triggered liquidations for the life of the loan, according to Strike's own FAQ. The product, called "volatility-proof loans," strips out the 65% LTV warning, 70%…
Strike, the bitcoin financial services firm run by CEO Jack Mallers, launched a bitcoin-backed loan product on July 7 that removes price-triggered liquidations for the life of the loan, according to Strike's own FAQ. The product, called "volatility-proof loans," strips out the 65% LTV warning, 70% margin call and 85% automatic partial liquidation that apply to Strike's standard bitcoin loan.
Collateral stays untouched no matter how far bitcoin's price falls, Strike says, as long as the borrower keeps making payments. Missing an interest or maturity payment still triggers a 10-day grace period, after which Strike can partially liquidate collateral to cover what's owed.
What Borrowers Give UpThe protection comes at a cost. Volatility-proof loans cap initial LTV at 45%, versus 50% on Strike's standard product, cutting how much a borrower can draw against the same collateral, according to the FAQ. A borrower posting $100,000 in bitcoin can access $45,000, down from $50,000, per Bitcoin.com's reporting.
Terms shrink to six months from twelve, rates carry a roughly 2.95-percentage-point premium over the standard 7.49%-11.25% APR range, and borrowers cannot retrieve collateral mid-term or switch a loan into or out of the structure once it's originated, Strike's FAQ states.
Mallers' PitchMallers announced the product on X, writing "No margin calls. No price liquidations. No matter how far bitcoin falls, your bitcoin doesn't move," according to Bitcoin.com. He clarified the product removes market risk, not repayment risk: "That's why we call it 'volatility-proof,' not 'liquidation-proof.'"
The launch follows criticism of Strike's lending practices last year, when on-chain analyst Willy Woo called out Mallers over risk in the standard loan structure. Strike's standard loans, launched in May 2025, remain available alongside the new product, which is offered only in select US states, excluding California, New York and Texas, Bitcoin.com reported.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Strike has launched a Bitcoin-backed loan product built to remove margin calls and price-based liquidations.
Summary
Strike says its new Bitcoin-backed loans remove price liquidations while keeping payment duties in place. Borrowers avoid margin calls, but missed payments can still lead Strike to sell collateral. The product targets Bitcoin holders who need cash but do not want forced selling. Jack Mallers, Strike’s founder and chief executive, said the new product protects borrowers from forced selling when Bitcoin falls. He described the offer as a “volatility-proof” loan that lets users borrow dollars while keeping their BTC posted as collateral.
Introducing volatility-proof loans by @Strike: bitcoin-backed loans the price can never liquidate.
No margin calls. No price liquidations. No matter how far bitcoin falls, your bitcoin doesn't move.
Volatility is inevitable. Liquidation isn't. Borrow dollars. Keep the bitcoin. pic.twitter.com/U1DtEtt6Jm
— Jack Mallers (@jackmallers) July 7, 2026 The launch follows Strike’s first Bitcoin-backed loan product, which arrived in May 2025. As previously reported, Strike issued more than $10 million in BTC-backed loans within two days of that launch.
No margin calls, but not risk-free The new product removes price-triggered actions tied to loan-to-value levels. Mallers said, “No margin calls. No price liquidations. No matter how far bitcoin falls, your bitcoin doesn’t move.”
That structure differs from many crypto lending products, where a sharp price drop can force borrowers to add collateral or face liquidation. Strike says borrowers can keep their collateral untouched if they make payments on time.
The protection has limits. If a borrower misses an interest or maturity payment, Strike gives a 10-day window to pay or contact the company. If the borrower does not respond or settle the overdue amount, Strike may sell part of the Bitcoin collateral.
Mallers also warned users about the difference between price risk and payment risk. “That’s why we call it ‘volatility-proof,’ not ‘liquidation-proof,’” he said.
Higher cost funds the protection The new loan carries a higher cost than Strike’s standard Bitcoin-backed loans. The annual percentage rate can reach 14.2%, based on a 2.95 percentage-point premium above Strike’s standard loan range.
Strike’s standard loan product has charged rates between 7.75% and 11.25%, depending on terms and payment choice. The “volatility-proof” version also uses a shorter six-month term and a maximum initial loan-to-value ratio of 45%.
In simple terms, a borrower who posts $100,000 in Bitcoin can borrow up to $45,000. The lower borrowing limit and higher rate give Strike more room to manage the risk of sharp BTC price moves.
Mallers said the added cost supports hedging. “The secret sauce is that we’re taking the extra charge that we’re giving you guys and we’re putting it on extra hedges in the market to protect all of us,” he said.
Bitcoin lending market searches for trust The launch comes while crypto lenders keep testing ways to make Bitcoin-backed credit easier to use. A Ledn research report found that 88% of surveyed crypto holders would consider a crypto-backed loan, while only 14% currently use one.
Ledn and Protocol Theory called that gap a trust problem, not only a demand problem. Market volatility, fear of liquidation, and low confidence in lenders have limited wider use.
Other firms also continue to build crypto-backed lending products. As crypto.news previously reported, Coinbase launched crypto-backed loans in the U.K. through Morpho on Base, allowing users to borrow up to $5 million in USDC against Bitcoin, Ethereum, and cbETH.
Strike’s new product tries to address one of the main fears in Bitcoin lending: forced selling during market crashes. It does not remove repayment risk. Borrowers still need to pay on time, and the higher rate makes the product costly for users who need longer-term credit.
Bitcoin financial services platform Strike has launched a “volatility-proof” Bitcoin-backed loan that eliminates margin calls and forced liquidations amid the depths of a bear market, but only for those who can pay on time and handle a 14% interest rate.
In an announcement on Tuesday, Strike CEO Jack Mallers said the offering came in response to broad customer feedback on Strike’s first Bitcoin loan product, which launched in May 2025 and triggered many liquidations during a timeframe in which Bitcoin (BTC) dropped 54% from peak to trough.
“No margin calls. No price liquidations. No matter how far bitcoin falls, your bitcoin doesn't move,” Strike CEO Jack Mallers said of the new Bitcoin loan product. The trade-off is an expensive interest rate, a shorter six-month loan term, and an obligation to pay on time to avoid liquidation, Mallers said.
Strike’s Jack Mallers is presenting the new Bitcoin-backed loan product. Source: Jack Mallers
The Bitcoin industry has spent the better part of a decade racing to build financial products that expand Bitcoin's use case beyond a savings technology. A report in June from crypto lending platform Ledn, however, found that while 88% of surveyed crypto investors said they would consider a crypto-backed loan, only 14% use them.
Ledn said confidence in crypto-lending products and market volatility are among the main reasons for this 6-to-1 “crypto collateral gap” that has slowed adoption.
Volatility has been one of the biggest obstacles behind that push, with Bitcoin dropping 30% or more in 10 of the past 12 years, while also experiencing a 50% or more drawdown four times since 2014, Mallers noted.
Other crypto market participants offering Bitcoin-backed loans are Binance, Coinbase, Nexo and Xapo Bank.
Strike charges double-digit interestThe maximum initial loan-to-value ratio for the volatility-proof loans is 45%, meaning that a customer who puts up $100,000 in Bitcoin as collateral can borrow up to $45,000, while the annual percentage rate (APR) is also 2.95 percentage points higher than Strike’s standard loan product.
“The secret sauce is that we’re taking the extra charge that we’re giving you guys and we’re putting it on extra hedges in the market to protect all of us.”Strike’s standard Bitcoin loans charge an annual percentage rate between 7.75% and 11.25%, meaning the volatility-proof products could carry interest between 10.7% and 14.2%.
"If you're OK with a slightly shorter term and a little bit higher of a fee, there is no price move that can liquidate you," Mallers said.
Over the past year, Bitcoin has fallen 54% from its all-time high of $126,080 in October to $58,190 on June 25.
Bitcoin investor Fred Krueger said the loan product "could eliminate one of Bitcoin's biggest structural problems: forced selling during market crashes."
“Instead of volatility causing automatic liquidations, defaults would be driven by borrowers' inability to service debt rather than by temporary price swings," he said.
“Great product for those who need near-term liquidity and don’t want to risk liquidation,” added Vibes Capital Management executive chairman Rob Topping, though he also acknowledged the 14% APR was expensive.
Customers must pay up or face consequencesIf a client misses a payment, they have 10 days to make the payment or contact Strike to explain their financial situation, Mallers said.
Failing to pay after that 10-day period may mean Strike starts liquidating their Bitcoin to cover the overdue amount, Mallers warned.
“If we don’t hear from you for a few weeks, then I may have no choice but to sell off some of the Bitcoin because it seems like you’re doing a hit-and-run.”“That’s why we call it ‘volatility-proof,’ not ‘liquidation-proof,’” Mallers added.
The Bitcoin loans are offered in most US states and can be taken out in both personal and business names. They can be used for new loans, refinancing or consolidating.
While the minimum loan amount varies from state to state, the minimum loan offered through personal loans is $10,000, while businesses in certain states can access loans as low as $5,000.
Features: Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Bitcoin financial services platform Strike has launched a “volatility-proof” Bitcoin-backed loan that eliminates margin calls and forced liquidations amid the depths of a bear market, but only for those who can pay on time and handle a 14% interest rate.
In an announcement on Tuesday, Strike CEO Jack Mallers said the offering came in response to broad customer feedback on Strike’s first Bitcoin loan product, which launched in May 2025 and triggered many liquidations during a timeframe in which Bitcoin (BTC) dropped 54% from peak to trough.
“No margin calls. No price liquidations. No matter how far bitcoin falls, your bitcoin doesn't move,” Strike CEO Jack Mallers said of the new Bitcoin loan product. The trade-off is an expensive interest rate, a shorter six-month loan term, and an obligation to pay on time to avoid liquidation, Mallers said.
Strike’s Jack Mallers is presenting the new Bitcoin-backed loan product. Source: Jack Mallers
The Bitcoin industry has spent the better part of a decade racing to build financial products that expand Bitcoin's use case beyond a savings technology. A report in June from crypto lending platform Ledn, however, found that while 88% of surveyed crypto investors said they would consider a crypto-backed loan, only 14% use them.
Ledn said confidence in crypto-lending products and market volatility are among the main reasons for this 6-to-1 “crypto collateral gap” that has slowed adoption.
Volatility has been one of the biggest obstacles behind that push, with Bitcoin dropping 30% or more in 10 of the past 12 years, while also experiencing a 50% or more drawdown four times since 2014, Mallers noted.
Other crypto market participants offering Bitcoin-backed loans are Binance, Coinbase, Nexo and Xapo Bank.
Strike charges double-digit interestThe maximum initial loan-to-value ratio for the volatility-proof loans is 45%, meaning that a customer who puts up $100,000 in Bitcoin as collateral can borrow up to $45,000, while the annual percentage rate (APR) is also 2.95 percentage points higher than Strike’s standard loan product.
“The secret sauce is that we’re taking the extra charge that we’re giving you guys and we’re putting it on extra hedges in the market to protect all of us.”Strike’s standard Bitcoin loans charge an annual percentage rate between 7.75% and 11.25%, meaning the volatility-proof products could carry interest between 10.7% and 14.2%.
"If you're OK with a slightly shorter term and a little bit higher of a fee, there is no price move that can liquidate you," Mallers said.
Over the past year, Bitcoin has fallen 54% from its all-time high of $126,080 in October to $58,190 on June 25.
Bitcoin investor Fred Krueger said the loan product "could eliminate one of Bitcoin's biggest structural problems: forced selling during market crashes."
“Instead of volatility causing automatic liquidations, defaults would be driven by borrowers' inability to service debt rather than by temporary price swings," he said.
“Great product for those who need near-term liquidity and don’t want to risk liquidation,” added Vibes Capital Management executive chairman Rob Topping, though he also acknowledged the 14% APR was expensive.
Customers must pay up or face consequencesIf a client misses a payment, they have 10 days to make the payment or contact Strike to explain their financial situation, Mallers said.
Failing to pay after that 10-day period may mean Strike starts liquidating their Bitcoin to cover the overdue amount, Mallers warned.
“If we don’t hear from you for a few weeks, then I may have no choice but to sell off some of the Bitcoin because it seems like you’re doing a hit-and-run.”“That’s why we call it ‘volatility-proof,’ not ‘liquidation-proof,’” Mallers added.
The Bitcoin loans are offered in most US states and can be taken out in both personal and business names. They can be used for new loans, refinancing or consolidating.
While the minimum loan amount varies from state to state, the minimum loan offered through personal loans is $10,000, while businesses in certain states can access loans as low as $5,000.
Features: Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Strike has launched a new "Volatility-Proof" Bitcoin mortgage product that eliminates margin calls and forced liquidations triggered by Bitcoin price declines. Jack Mallers noted that regardless of how much Bitcoin’s price drops, as long as borrowers make timely repayments, their pledged Bitcoin will not be liquidated due to price fluctuations. The new product features a maximum loan-to-value (LTV) ratio of 45%, a 6-month term, and an annual percentage rate (APR) ranging from roughly 10.7% to 14.2% — higher than Strike’s standard loan offerings. Should a borrower default, they must repay within 10 days or coordinate with the platform; otherwise, Strike retains the right to sell a portion of the Bitcoin collateral to cover the outstanding balance. The company added that the product is now available in most U.S. states, applicable for new loans, refinancing, and debt consolidation.
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Strike’s new volatility-proof Bitcoin loans shift price risk from borrowers onto the lender’s capital providers. Tether supplies the $2.1 billion credit facility behind the program and co-designed the loan structure itself. A proposed merger would fold Strike, Twenty One Capital, and miner Elektron Energy into one Tether-linked platform. The combined stack covers every core banking function except the safety net regulated banks carry. The headline this week belongs to Strike. On July 7 the company launched Bitcoin-backed loans with no margin calls and no price liquidations, promising that collateral stays untouched no matter how far Bitcoin falls, as long as borrowers keep paying. Most coverage stopped there. The more consequential story sits one layer down, with the entity actually carrying the risk. A loan that never liquidates on price means somebody holds undercollateralized debt through every drawdown, and that somebody, directly and indirectly, is Tether. The merger proposal from April read as corporate maneuvering at the time. Yesterday’s launch is what it looks like in production: a stablecoin issuer assembling deposits, credit, energy, mining, and capital markets into a working bank for the Bitcoin economy. No banking license. No central bank behind it. No deposit insurance in front of it.
The loan Strike sells, the risk Tether keeps Strike’s volatility-proof structure only works with deep pockets behind it. A borrower posts $100,000 in BTC at the product’s 45% loan-to-value cap and takes $45,000 in cash. If Bitcoin then falls 60% and stays there, the collateral covers about $40,000 against a $45,000 debt. A conventional crypto lender would have sold at 85% LTV. This one waits, holding the shortfall until repayment or maturity.
That patience is a balance-sheet luxury, and the balance sheet providing it is not Strike’s. Jack Mallers announced a $2.1 billion credit facility that he said gives the company capacity to meet demand at any order size, and Tether co-developed the volatility-proof loan structure itself. Even Strike’s proof-of-reserves system, which lets borrowers verify their collateral at a segregated on-chain address, was built with Tether’s help. Strike originates and services. Tether underwrites the tail risk. Traditional finance has a name for this division of labor: the originator model, the same architecture mortgage banks run with their warehouse lenders.
Six of seven banking functions, already in place Take the classic functions of a commercial bank and check them against what Tether now touches. The gaps are few.
Banking function Tether’s version Scale Deposits USDT in circulation Largest stablecoin by supply Lending Own CeFi loan book + Strike credit facility $2.1B facility; top-3 CeFi lender Payments & custody Strike (proposed merger) 95+ countries Reserves / treasury Twenty One Capital BTC treasury Top-tier corporate BTC holder Physical infrastructure Elektron Energy mining (proposed merger) ~50 EH/s, ~5% of network hashrate Capital markets Planned securitization arm Loan-book and mining revenue debt Lender of last resort None – Tether Investments published a proposal to merge Twenty One Capital with Strike and Elektron Energy, a mining operator managing roughly 50 EH/s, about 5% of Bitcoin’s network hashrate, into a single listed platform integrating treasury holdings, mining, financial services, lending, and capital markets. Mallers endorsed it from the stage at Bitcoin 2026. “Simply put, I think it’s a great idea,” he said, adding that his founding goal was always a Bitcoin company rather than a payments app.
Terms and timelines remain undisclosed, but the machinery is moving: in June, Tether designated an additional independent director to XXI’s board to restore the audit committee to SEC and NYSE independence standards, the kind of housekeeping that precedes a transaction, not one that follows a dead deal.
Mallers described an operation built around loan-book securitization, mining revenue securitization, Bitcoin-backed debt, and structured products. Packaging loans into securities and selling them onward is how banks recycle capital and lend beyond their own balance sheets. Nobody in crypto has run that machine at size. A merged Tether-Strike entity would be the first with both the origination volume and the distribution to try.
Three lenders now hold 89% of a market that used to have ten The crypto credit market recovered from 2022 with far fewer players. According to Galaxy Research data, the three largest centralized lenders, Tether among them alongside Galaxy and Ledn, hold combined loan books of $9.9 billion, close to 89% of the CeFi lending market. Tether sits at the top of that group with its own book, and now also funds the most aggressive product structure in the industry through Strike.
The pre-collapse era looked different. Celsius, BlockFi, Voyager, and Genesis competed for the same borrowers, and when they fell, the survivors absorbed the clients and the market kept functioning. The 2026 market has no such redundancy. One dominant creditor now stands behind deposits (USDT), wholesale credit (the Strike facility), and soon, if the merger completes, a meaningful slice of the mining hardware securing the network itself. Bank supervisors have a term for an institution whose failure would cascade through every layer of its system. Crypto has quietly grown one without anyone signing off on the designation.
To be fair to the other side of the ledger: Tether reports billions in annual profit from reserve yields, which gives it more loss-absorbing capacity than any pre-2022 crypto lender ever had. The company can genuinely afford to sit on underwater loans through a bear market. That is exactly what makes the no-liquidation promise credible today. It is also what makes the arrangement fragile in the one scenario that counts. A shock hitting Tether itself, whether from reserves, regulation, or redemption pressure, would now propagate simultaneously into stablecoin markets, the CeFi loan book, Strike’s borrowers, and a mining fleet. Banks carry deposit insurance and central bank liquidity lines for precisely this correlation problem. This structure carries neither.
Ledn and Unchained now need a $2 billion backstop of their own For borrowers, none of this is visible. Loans get approved, Bitcoin stays put, and the plumbing behind the $2.1 billion never surfaces in the app. The market feels it differently. Competing lenders like Ledn and Unchained still run LTV-triggered liquidation models, and matching Strike’s no-liquidation terms would require a capital partner willing to eat drawdowns measured in years, not hours. Few candidates exist. The likely outcome is consolidation around whoever has the largest balance sheet, which is the opposite of what a market still scarred by 2022 says it wants.
Bitcoin’s spot price mechanics change too. Forced liquidations have amplified every major sell-off since 2018 by dumping collateral onto exchanges at the worst possible moment. Loans that never sell on price remove one of those feedback loops. The selling pressure does not vanish; it converts into credit exposure sitting on Tether-linked balance sheets, waiting.
The open question lands on regulators’ desks, not traders’ screens. U.S. stablecoin legislation focused on reserve quality and redemption rights, not on what an issuer’s investment arm does with its profits. Lending billions against volatile collateral through affiliated platforms sits outside that perimeter entirely, and European supervisors under MiCA face the same gap. The proposed merger, which would put Elektron founder Raphael Zagury in the president’s seat of a listed entity combining all these pieces, will eventually force a decision: at what point does the Bitcoin economy’s largest private creditor become subject to something resembling bank supervision, and who moves first, Washington or Brussels?
TLDR Technology shares tumbled after Samsung posted a 19-fold increase in Q2 operating profit, raising questions about AI infrastructure spending sustainability Major indexes retreated with the Nasdaq losing 1.4%, S&P 500 declining 0.6%, and Dow Jones slipping 0.1% in Tuesday trading Market losses followed Monday’s milestone session when the Dow climbed past 53,000 for the first time Crude prices advanced after Iranian forces targeted merchant vessels in the Strait of Hormuz, lifting Brent above $73 per barrel Wolfe Research upgraded S&P 500 profit forecasts and established an 8,000 year-end fair value projection A blockbuster earnings report from Samsung on Tuesday unexpectedly triggered widespread selling across the chip industry rather than sparking a rally.
The South Korean tech giant posted second-quarter operating profits that multiplied nineteen times year-over-year. Artificial intelligence infrastructure demand powered the impressive performance.
However, the stellar figures failed to inspire confidence. Market participants grew anxious about Samsung’s capital expenditure plans for AI investments and raised doubts regarding demand sustainability, pushing shares lower. The negative sentiment quickly contaminated the entire semiconductor industry.
Technology-Heavy Index Bears Brunt of Selling The Nasdaq Composite suffered the steepest losses among major benchmarks on Tuesday, declining 1.4%. The S&P 500 retreated 0.6% while the Dow Jones Industrial Average edged down approximately 0.1%.
E-Mini S&P 500 Sep 26 (ES=F) The downturn arrived immediately after Monday’s historic session, which saw the Dow establish a fresh record by closing beyond 53,000 for the first time ever.
Semiconductor stocks had been climbing steadily during previous sessions. Tuesday’s reversal erased a significant portion of those gains within hours.
Technology equities dominated the loser’s list. The correction was swift and widespread, impacting numerous companies connected to artificial intelligence hardware and chip manufacturing.
Crude Advances Amid Persian Gulf Conflict While equities stumbled, oil prices pushed upward. Iranian military forces engaged commercial shipping vessels in the Strait of Hormuz, a critical waterway for global energy transportation.
Brent crude futures advanced beyond $73 per barrel. West Texas Intermediate crude climbed to $70 per barrel.
Shipping activity through the strategic passage had been recovering in recent weeks. Tuesday’s military action reignited worries about the fragility of the US-Iran diplomatic accord.
Traders have been monitoring that agreement carefully. Any indication of deterioration could interrupt petroleum supply chains and drive prices substantially higher.
Treasury yields also climbed as geopolitical tensions intensified. The US dollar gained strength in tandem with rising yields.
Quarterly Results Season Approaches Notwithstanding Tuesday’s decline, certain market observers maintain optimistic views on equity prospects.
Wolfe Research strategist Chris Senyek increased his S&P 500 operating profit projections for both 2026 and 2027. He established a year-end fair value target of 8,000 for the benchmark index.
Senyek highlighted robust corporate earnings performance throughout 2026 thus far. He expressed confidence that companies will deliver results meeting elevated expectations as second-quarter reporting season unfolds.
The S&P 500 has remained confined within a narrow trading band since mid-May. Senyek anticipates the approaching earnings cycle could provide the momentum necessary to propel the index higher.
Caterpillar shares declined on Tuesday after announcing a new mining sector transaction. The stock contributed to the session’s widespread weakness.
As of Tuesday midday, the Dow registered 52,866. The S&P 500 stood at 7,489 and the Nasdaq had retreated to 25,745.
Strike just introduced a lending product that tackles one of the biggest fears in crypto borrowing: waking up to find your collateral has been liquidated because Bitcoin dropped 20% overnight.
The company’s new “volatility-proof” bitcoin-backed term loans, launched on July 7, eliminate all price-based loan-to-value triggers. In English: it doesn’t matter if Bitcoin falls to $30K or $20K or lower. As long as you make your scheduled payments, your bitcoin stays yours. No margin calls, no forced liquidations, no 3 AM panic.
How the product actually works Strike’s new product throws the traditional LTV threshold framework out. The only thing that triggers partial liquidation is missed payments, and even then, borrowers get a 10-day grace period before anything happens.
The trade-offs are real, though. The maximum initial LTV sits at 45%, compared to 50% on Strike’s standard loans. You’re putting up more collateral upfront for the privilege of not losing it later. The term is capped at 6 months, half the 12-month duration available on standard options. And there’s an additional 2.95% APR premium baked in.
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On the fee side, the picture looks cleaner. Zero origination fees. Zero prepayment fees. Zero liquidation fees. That applies to both the volatility-proof and standard loan products.
The loans are available through the Strike app in select US states, with an important caveat: lines of credit are excluded from the volatility-proof option. This is strictly a term loan product.
Why this matters more than it sounds During previous market downturns, cascading liquidations turned manageable price corrections into full-blown crises. Borrowers who posted Bitcoin as collateral watched helplessly as their positions got liquidated at the worst possible moment, selling the bottom and locking in maximum pain. Platforms like Celsius, BlockFi, and Voyager all collapsed in the fallout of the 2022 bear market, and forced liquidations were a significant accelerant.
Strike CEO Jack Mallers framed the product as a fundamental shift in risk management for bitcoin holders, one that prioritizes borrower payment adherence over volatile market conditions. The framing is deliberate: Strike is betting that the lender’s real risk is borrower creditworthiness, not Bitcoin’s Tuesday price action.
The lower 45% LTV threshold is how Strike manages its own exposure. By requiring borrowers to overcollateralize more aggressively upfront, the company creates a larger cushion that can absorb price drops without needing to liquidate.
Strike’s lending ambitions in context This launch doesn’t exist in a vacuum. Strike spent much of 2025 building out its bitcoin-backed lending infrastructure, including establishing partnerships and securing a $2.1 billion credit facility.
At the time of launch, Bitcoin was trading around $63,000, underscoring exactly the kind of volatile environment where liquidation protection becomes most valuable.
For investors considering these loans, the math is straightforward but worth doing carefully. The 45% LTV means posting roughly $2.22 in Bitcoin for every $1 borrowed. Add the 2.95% APR premium on top of whatever the base rate is, and you’re paying a meaningful cost for volatility protection.
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