Tether pushes Three-Way Merger: Twenty One Capital, Strike, and Elektron to form the premier listed Bitcoin company!

Tether Investments has proposed a two-stage merger that would combine Twenty One Capital (NYSE: XXI) with Jack Mallers' bitcoin financial services firm Strike and bitcoin miner Elektron Energy — with Tether, as XXI's majority shareholder, already committing to vote its shares in favour. The plan first merges XXI and Strike, then folds in Elektron, which manages roughly 50 EH/s of hashrate — about 5% of the entire Bitcoin network.

Tether's stated ambition is to move XXI beyond a pure treasury model and into a full operating platform with recurring revenue and long-term BTC accumulation capabilities. Elektron CEO Raphael Zagury has been proposed as president of the combined entity. XXI shares jumped 6.6% in after-hours trading on the news, though the stock remains 15.8% in the red year-to-date.

If completed, the deal would create a single listed vehicle spanning bitcoin custody…