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- Tether proposes merging Twenty-One Capital, Strike, and Elektron into one Bitcoin-focused firm.
- The structure would combine mining, payments, lending, and treasury operations.
- Market reacted positively, with XXI shares jumping over 6% after the announcement.
Tether Investments is moving to reshape the public Bitcoin industry with an ambitious plan to merge its portfolio company Twenty-One Capital with Strike and Elektron Energy. The goal, according to the firm, is to build what it calls the “premier listed Bitcoin company in the world,” combining treasury holdings, mining, and financial services under one corporate umbrella.
The announcement highlights growing momentum among crypto firms to consolidate infrastructure and capital markets exposure around Bitcoin as institutional interest continues to evolve.
A Three-Way Bitcoin Power Structure
Under the proposed structure, Twenty-One Capital would first combine with Strike, the Bitcoin-focused financial services company founded by Jack Mallers. Strike currently operates in more than 100 countries, offering payments and Bitcoin-based financial tools for individuals and businesses.
Following that, the newly formed entity would merge with Elektron Energy, a large-scale Bitcoin mining operation. The result would be a vertically integrated Bitcoin business spanning mining, payments, lending, treasury management, and broader capital market services.
Tether Investments said the combined company would benefit from a stronger balance sheet and an operating model designed to accelerate Bitcoin adoption across global markets.
Leadership and Strategic Direction
As part of the proposal, Tether Investments plans to recommend Elektron CEO Raphael Zagury as president of the merged entity. The leadership structure is expected to blend Mallers’ consumer-focused Bitcoin payments experience with Zagury’s background in mining operations and capital markets.
However, key details such as valuation, governance structure, and timeline have not yet been disclosed. The firm noted that additional information will be shared as discussions advance.
Market Position and Investor Reaction
Twenty-One Capital already holds a significant position in the Bitcoin ecosystem. The firm is the second-largest public Bitcoin holder, with more than 43,500 BTC on its balance sheet, according to BitcoinTreasuries data.
Also Read: Tether Enters Mining Infrastructure—What It Means for Bitcoin’s Future
Its stock, listed on the New York Stock Exchange in December 2025, has faced volatility this year, falling more than 10% in 2026 so far. Still, markets reacted positively to the merger news, with XXI shares rising over 6.6% in after-hours trading to $8.35.
The proposed merger reflects a broader trend in the crypto sector: the push to unify Bitcoin-related services under scalable, publicly traded entities. If completed, the deal could create one of the most diversified Bitcoin-focused companies in the market, blending mining power, financial infrastructure, and large-scale treasury holdings into a single platform.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
