XXI stock falls by nearly 18% shortly after Jack Mallers steps down as co-founder, coinciding with the official collapse of Tether’s plan to merge three Bitcoin companies. This is a double shock for those who expected a major consolidation in the Bitcoin space.

The reasons behind it are very clear: overreliance on a key figure like Mallers makes Twenty One Capital’s governance structure fragile. When strategic vision is not aligned, investor confidence evaporates quickly. In addition, the failed merger deal shows a lack of consensus among industry leadership, despite Bitcoin and the Lightning Network’s long-term potential.

For futures traders, this is a reminder of governance risk and centralization even within a supposedly decentralized sector. XXI shares may continue to swing sharply, but Bitcoin still shows no signs of a global collapse. Don’t FOMO into any side—manage your positions closely and do thorough research.

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