Tether announces the creation of a "Bitcoin Berkshire": its subsidiary 21 Capital announces the merger of Strike and mining firm Elektron, with XXI rising 8% intraday.

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Tether Investments announced a proposal on 4/29 to merge its portfolio company Twenty-One Capital (XXI) with Bitcoin financial services firm Strike and mining giant Elektron Energy, aiming to create the world's first publicly traded Bitcoin platform integrating "BTC Treasury × Mining × Financial Services × Lending." Following the news, XXI shares rose as much as 8% intraday. (Previous coverage: Bitcoin treasury company 21 Capital listed on the NYSE tonight (ticker: XXI), becoming a new Wall Street force with 43,000 BTC) (Background: 21 Capital surpasses miner MARA to become the world's second-largest Bitcoin corporate treasury) One company, one public platform, 5% of the global hashrate—Tether Investments officially proposed on 4/29 to integrate Twenty-One Capital (NYSE: XXI), Strike, and Elektron Energy into a single entity, transforming from a "holding company" into an operational platform with a complete Bitcoin industry chain. Upon the news, XXI shares surged up to 8% intraday. Elektron Energy serves as the hashrate powerhouse for this merger. Led by Raphael Zagury, Elektron manages approximately 50 EH/s of Bitcoin mining operations, accounting for about 5% of the global hashrate, with over 5,500 BTC mined to date. With an all-in cost per BTC below $60,000, it maintains a significant cost advantage within the mining cycle. Strike fills the gap in financial services. Founded by Jack Mallers, Strike is live in over 100 countries, providing services such as Bitcoin buying, holding, trading, and collateralized lending, making it one of the most widely penetrated consumer platforms for Bitcoin financial services. XXI acts as the anchor in the capital markets. As a BTC treasury company listed on the NYSE, Twenty-One Capital has surpassed the miner MARA since its IPO to become the world's second-largest Bitcoin corporate treasury, possessing a direct channel to institutional capital. Tether outlined a clear division of roles in its proposal: Zagury will serve as President of the merged entity, leading capital markets, operations, and execution; Mallers will continue to focus on product, brand, and consumer Bitcoin business. The two form a complementary pairing of "mining + capital markets" and "financial services + brand," which Tether Investments noted in its official announcement will accelerate the company's "strategic direction." This move by Tether is not incidental. According to past disclosures, Tether Investments holds stakes in over 120 companies across AI, energy, finance, biotech, media, and more, with investments extending to Taiwan's XREX and the Italian football club Juventus. This three-way merger is a concentrated manifestation of Tether's attempt to build a "vertically integrated flagship fleet" in the Bitcoin space. Since XXI's listing, there have been questions regarding the valuation logic of "pure treasury BTC companies": can holding coins alone generate excess returns? Tether's answer this time is: bundle mining cash flow, financial service revenue, and treasury appreciation into a single listed entity, transforming XXI from a passive holder into an active accumulator. Tether Investments acknowledged in its announcement that the terms, timeline, and governance details of the transaction "will be announced after further discussion," and the merger proposal has not yet reached the final confirmation stage. Nevertheless, the market has already priced it in: XXI shares rose as much as 8% intraday, indicating a positive investor response to the "integrated Bitcoin platform" narrative. If the merger is finalized, it will be the first time in the Bitcoin financial ecosystem that a single listed entity controls mining hashrate, consumer financial services, and public financing capabilities—evolving from a "storage site" for Bitcoin into a full-chain platform for "production, circulation, and value appreciation."

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