Twenty One Capital rises on proposed merger with Strike and Elektron

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DirectionNeutral — Twenty One Capital plans to merge with Strike and Elektron.

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Shares in Twenty One Capital on Wednesday surged after hours. Source: Google Finance The company has the second-largest Bitcoin holdings among public companies and its share price has slid over 10.5% so far this year alongside Bitcoin’s decline. Tether did not share the terms of the mergers or a timeline for their completion, but proposed that Elektron founder and CEO Raphael Zagury serve as president of the new company. It added that Jack Mallers, the founder and CEO of Strike and co-founder and CEO of Twenty One Capital, would also serve in an executive role. “The proposed leadership structure is intended to combine Mallers’ product, brand, and consumer Bitcoin leadership with Zagury’s capital markets, operating, and execution experience,” Tether said. Related: Tether launches open-source mining framework to unify Bitcoin infrastructure Twenty One Capital went public in December through a merger with Cantor Equity Partners and came to market with holdings of 43,500 Bitcoin and an aim of increasing its Bitcoin per share. Tether said if the mergers are successful, Twenty One would move “beyond treasury exposure alone and toward a platform with operating businesses, recurring revenue opportunities, and long-term Bitcoin accumulation capabilities.” Twenty One Capital currently holds 43,514 Bitcoin and is behind only Strategy, Inc. in terms of public company Bitcoin holdings, which holds 818,334 Bitcoin. Magazine: Adam Back says current demand is ‘almost’ enough to send Bitcoin to $1M

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