Swan Bitcoin CEO Cory Klippsten said during a podcast interview on Thursday that Tether appears to control Twenty One Capital, a publicly listed US bitcoin treasury firm, and described Jack Mallers' role at the company as ceremonial. Twenty One Capital was created through a SPAC merger with Cantor Equity Partners and listed on the New York Stock Exchange under the ticker XXI, holding approximately $3.6 billion in bitcoin, ranking it as the third‑largest public holder of bitcoin at the time of its launch. The company was backed by Tether Investments, the majority shareholder of Twenty One. Klippsten argued that Tether uses Twenty One as a vehicle to advance its interests in the United States, saying the firm functions as a U.S. entity for political purposes, though he provided no supporting evidence. He added that Mallers had promoted the company's stock in April, and expressed doubt that Mallers chose to step down. Tether declined to comment on the statements. Mallers announced his resignation on social media, stating that his focus remains on his company Strike, which also withdrew from a proposed merger with Twenty One. In April, Tether Investments proposed a two‑stage merger that would have folded Strike into Twenty One and then merged the combined entity with bitcoin miner Elektron Energy. The resignation and the proposed merger remain unresolved, and Tether has not responded to requests for comment, leaving the impact on Twenty One's governance and Tether's US strategy unclear.