The ambitious plan to create a Bitcoin superentity by merging Strike, Twenty One Capital, and Elektron Energy is dead. Strike, the Bitcoin financial services platform run by Jack Mallers, will go back to doing its own thing as an independent company.
Bloomberg reported that while Strike has walked away from the table, Twenty One Capital and Elektron Energy are still in discussions about some form of combination.
What the deal was supposed to look like
The three-way merger was announced in late April 2026 and was designed to stitch together three very different pieces of the Bitcoin economy into a single publicly traded juggernaut.
Twenty One Capital, which trades on the NYSE under the ticker XXI, brought a substantial Bitcoin treasury to the table. Strike contributed its financial services infrastructure, spanning Bitcoin trading, spending, lending, and Lightning Network payments across more than 100 countries. Elektron Energy rounded things out with mining capabilities.
