Twenty-One Weighs Mergers With Strike, Elektron to Create Publicly Traded Bitcoin Giant

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In brief - Tether Investments announced proposals for a triple merger between Twenty-One Capital, Strike, and Elektron Energy to create an integrated Bitcoin platform. - XXI holds 43,514 BTC valued at approximately $3.3 billion, ranking second among public companies in Bitcoin reserves. - Elektron Energy manages approximately 50 EH/s of mining capacity, representing roughly 5% of the Bitcoin network. Tether Investments, the investment arm of stablecoin giant Tether, announced Wednesday proposals for a triple merger combining Twenty-One Capital, Strike, and Elektron Energy into what it described as "the premier listed Bitcoin company in the world." The proposed combination would unite three distinct Bitcoin operations under a single public entity. Twenty-One Capital, which ranks second among public companies for Bitcoin holdings with over $3.3 billion worth of BTC, would contribute its substantial treasury operations to the merged platform. Strike, the Bitcoin financial services company founded by Jack Mallers—the CEO of Twenty-One Capital—operates in more than 100 countries and enables users to buy, sell, hold, transact, and borrow against Bitcoin. Mallers said this week that Strike has secured a $2.1 billion credit facility to meet lending demand. Elektron Energy would bring significant mining infrastructure to the merger. Led by Raphael Zagury, who is recommended to serve as president of the combined entity, the company has mined more than 5,500 Bitcoin across its managed portfolio and maintains all-in production costs below $60,000 per Bitcoin. “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 Investments wrote. Market participants responded positively to the merger announcement, with Twenty-One (XXI) shares jumping in after-market trading, though those gains have since been largely pared. XXI was recently trading at $8.06, up about 3% from Wednesday’s closing price. "Simply put, I think it's a great idea,” Strike and Twenty-One CEO Mallers said at the Bitcoin 2026 conference on Wednesday, according to Bitcoin Magazine. Twenty-One put out a press release late Wednesday acknowledging plans to potentially acquire Strike and Elektron Energy. The merger builds on Twenty-One Capital's recent transition to public markets. The company went public through a SPAC merger with Cantor Equity Partners in December. Tether was one of the prominent backers of the original business combination, setting the stage for the further proposed mergers.

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