The proposed three-way merger between Twenty One Capital, Elektron, and Strike has been called off. Strike will operate as an independent company going forward, with founder Jack Mallers stepping down and Raphael Zagury named as the incoming CEO. Twenty One Capital and Elektron are continuing bilateral discussions without Strike in the picture.
Strike's stock fell nearly 18% on the news, a direct hit for anyone holding the name. The collapse removes a potential catalyst that would have combined a Tether-backed Bitcoin treasury vehicle with a payment app and a listed shell, shrinking the story to three smaller, separate bets instead of one consolidated one. Investors in Twenty One or Elektron now face a reconfigured deal with fewer parties and less strategic clarity.
No fixed date: Twenty One Capital and Elektron will disclose revised merger or partnership terms. Watch for any Raphael Zagury public statement or investor call setting new strategy for Strike.
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