Tether and Twenty One end merger plan
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- Tether and Twenty One have cancelled plans for a proposed merger, according to Bloomberg.
- The companies have not publicly explained why the deal was dropped.
- The decision ends a transaction that would have reshaped Twenty One's ownership structure.
Tether said it will no longer move ahead with its planned merger involving Twenty One, according to a Bloomberg report.
The proposed merger was expected to combine Twenty One with a special purpose acquisition company, or SPAC, to take the business public.
Tether remains a major backer of Twenty One alongside Strike founder Jack Mallers and Japanese investment firm SoftBank.
The companies have not said whether they will explore another path to expand or raise capital.
The cancelled deal comes as digital asset companies continue to face changing market conditions and closer regulatory scrutiny.
Bloomberg reported that Tether and Twenty One decided to abandon the merger plan without providing further details.
