Twenty One Capital shares rise as Tether pushes merger with Strike, Elektron
Tether proposed a two-stage merger for Twenty One Capital with Strike and Elektron Energy, aiming to create a leading Bitcoin company.Summary
Tether has put forward a multi-step merger plan for Twenty One Capital Inc. (XXI) to combine with crypto trading platform Strike and bitcoin miner Elektron Energy. The proposed deal involves an initial merger between XXI and Strike, followed by a merger with Elektron Energy. Tether Investments, the majority shareholder of Twenty One Capital, has announced its intention to vote in favor of this proposal. Twenty One Capital, a bitcoin-focused treasury venture that went public in December 2025 via a SPAC merger, saw its shares increase by 6.6% in after-hours trading following Tether's announcement, although its year-to-date performance remains down 15.8%. Strike, founded by Jack Mallers, is a bitcoin financial services firm, while Elektron Energy, led by Raphael Zagury, is a bitcoin mining company managing approximately 50 EH/s of hashrate. Tether also proposed that Raphael Zagury would serve as president of the combined entity. The merger aims to leverage a strong balance sheet, profitable operations, and a financial services division to accelerate Bitcoin adoption, positioning the combined entity as a premier listed Bitcoin company with diversified revenue streams and long-term Bitcoin accumulation capabilities.
(Source：The Block)