Execution remains unproven. The company recorded zero operating revenue and a $10.57 million operating loss in Q1 2026. A proposed combination with Elektron Energy, the mining firm Zagury founded, has no definitive agreement and would face related-party scrutiny given Tether's majority stake on both sides. The three-way merger that would have added Strike's payments infrastructure collapsed alongside Mallers' departure.
Shares fell 7.6% to $4.92 on July 21, touching a 52-week low of $4.27, before recovering modestly in early August. SoftBank exited its position in the interim, selling its stake to Tether after the stock declined more than 80% from its post-merger peak.
The question now is whether a bitcoin treasury of this scale can generate enough operating cash flow to offset the loss of the premium arbitrage that fueled its early growth.
Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6
