The proposed merger between Bitcoin treasury firm Twenty One Capital, global payments and lending platform Strike, and Bitcoin mining company Elektron Energy has been called off entirely.

     In April 2026, Tether proposed merging the three firms to form a ‘super-entity’ that would bring together Bitcoin mining, financial services, and corporate treasury operations under one umbrella. Tether holds a majority stake in both Twenty One Capital and Elektron Energy. The deal was moving forward largely because Jack Mallers — the head of Strike — was also CEO of Twenty One Capital. However, Mallers has since stepped down as CEO of Twenty One Capital and pulled out of the deal.sferring it to a private wallet.

      In my view, Tether could still go ahead with a merger between the companies it backs. Strike’s withdrawal likely comes down to wanting to retain control over management. Otherwise, Strike has yet to achieve widespread adoption. Tether may well look at other options.