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Tether proposed a two-stage merger this week that would combine Twenty One Capital (NYSE: XXI), Strike and Elektron Energy into a single publicly traded company spanning Bitcoin mining, financial services and a Bitcoin treasury business. Tether Investments, XXI’s majority shareholder, said it intends to vote in favor of the transactions.
In the first stage, Tether’s proposal would merge XXI with Strike, the Bitcoin financial services firm founded by Jack Mallers. Strike is available in more than 100 countries and focuses on Bitcoin buying, selling, custody and backed loans.
After that stage is completed, the resulting entity would merge with Elektron Energy, a large-scale mining operator led by Raphael Zagury. Tether also proposed that Zagury assume the chairmanship of the combined company.
Tether said the combined platform would integrate Bitcoin treasury, mining, financial services, lending, capital markets and strategic consolidation.
According to the proposal, Strike would contribute regulatory infrastructure and global distribution, while Elektron Energy would add mining operational capacity. Tether cited Elektron’s production costs as below $60,000 per Bitcoin and noted that Elektron has mined more than 5,500 BTC in its track record.
Twenty One Capital went public in December 2025 through a SPAC merger in New York. Following the announcement, its shares rose 6.6% in Wednesday’s after-hours trading, though the stock is down 15.8% year-to-date.
Tether described XXI as originally conceived as a Bitcoin treasury vehicle, a model it said the proposal aims to expand significantly.
Tether also highlighted Elektron Energy’s scale, saying it manages approximately 50 EH/s of hashrate. It characterized this as equivalent to about 5% of the Bitcoin network.
Tether said the goal is to position XXI as “the world’s leading publicly traded Bitcoin company,” with recurring revenue and long-term accumulation capabilities. It added that terms, timelines and governance structure will be disclosed as negotiations progress.
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