A proposed three-way merger involving Tether-backed companies Twenty One Capital, Strike and Elektron Energy has been called off, leaving Strike to operate independently.

Jack Mallers will continue as chief executive of Strike but has stepped down from the equivalent role at Twenty One Capital. Discussions between Twenty One Capital and Elektron Energy are ongoing. Tether holds majority stakes in both entities.

Twenty One Capital shares showed little movement in Tuesday premarket trading.

The original plan, announced earlier this year, had envisioned combining Strike, Jack Mallers’ Bitcoin payments company, with Twenty One Capital before merging the entity with Bitcoin miner Elektron Energy. Tether had indicated support for the transaction.

Twenty One Capital was established in 2025 with investment from Tether, Cantor Fitzgerald and SoftBank. Tether later acquired SoftBank’s stake in the company.

The firm holds 43,514 Bitcoin, positioning it as the second-largest corporate holder of the cryptocurrency after MicroStrategy.