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Tether Investments, the investment arm of stablecoin issuer Tether, announced on Wednesday proposals for a triple merger between Twenty-One Capital, Strike, and Elektron Energy to form what it described as a leading listed Bitcoin company. The plan would combine three separate Bitcoin-focused operations into a single public entity.
Twenty-One Capital, which Tether Investments said ranks second among public companies for Bitcoin holdings, would contribute its treasury operations to the merged platform. The company holds more than $3.3 billion worth of BTC.
Strike, a Bitcoin financial services company founded by Jack Mallers, would be part of the combination. Strike enables users to buy, sell, hold, transact, and borrow against Bitcoin and operates in more than 100 countries. Mallers said this week that Strike has secured a $2.1 billion credit facility to meet lending demand.
Elektron Energy would bring mining infrastructure to the merger. Led by Raphael Zagury, who is recommended to serve as president of the combined entity, Elektron Energy has mined more than 5,500 Bitcoin across its managed portfolio. Tether Investments said the company maintains all-in production costs below $60,000 per Bitcoin.
Tether Investments said the proposed leadership structure is designed to combine Mallers’ product, brand, and consumer Bitcoin leadership with Zagury’s capital markets, operating, and execution experience.
Market participants responded positively to the merger announcement. Shares of Twenty-One (XXI) rose in after-market trading, though gains have since been largely pared. The stock was recently trading at $8.06, up about 3% from Wednesday’s closing price.
The merger proposal follows Twenty-One Capital’s transition to public markets. The company went public through a SPAC merger with Cantor Equity Partners in December. Tether was described as one of the prominent backers of the original business combination, setting the stage for the further proposed mergers.
At the Bitcoin 2026 conference on Wednesday, Mallers said, “Simply put, I think it’s a great idea,” according to Bitcoin Magazine. Twenty-One also issued a press release late Wednesday acknowledging plans to potentially acquire Strike and Elektron Energy.
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