On Wednesday, Tether Investments, the investment division of stablecoin leader Tether, unveiled plans for a triple merger involving Twenty-One Capital, Strike, and Elektron Energy. This move aims to create what is described as the world’s foremost publicly traded Bitcoin enterprise.
This proposed merger would consolidate three distinct Bitcoin-focused businesses into one public company. Currently ranked second among public companies in terms of Bitcoin holdings with more than $3.3 billion worth of BTC, Twenty-One Capital would integrate its significant treasury functions into the unified platform.
Strike, a financial services firm centered on Bitcoin and founded by Jack Mallers—who is also CEO of Twenty-One Capital—operates across over 100 countries, facilitating the purchase, sale, holding, transaction, and borrowing against Bitcoin. This week, Mallers announced that Strike has obtained a $2.1 billion credit facility to cater to lending demands.
Elektron Energy brings substantial mining operations to the table. Under Raphael Zagury’s leadership—recommended for president of the merged entity—the company boasts over 5,500 mined Bitcoins and maintains production costs below $60,000 per Bitcoin.
“The proposed leadership structure aims to merge Mallers’ expertise in product, brand, and consumer Bitcoin with Zagury’s proficiency in capital markets and operational execution,” Tether Investments stated.
Market participants reacted favorably to the merger announcement. Shares of Twenty-One (XXI) rose during after-market trading but later saw most gains recouped. XXI was recently priced at $8.06, marking a roughly 3% increase from its Wednesday closing price.
“Simply put, I think it’s a great idea,” Mallers remarked at the Bitcoin 2026 conference on Wednesday, as reported by Bitcoin Magazine. A press release from Twenty-One confirmed potential acquisition plans for both Strike and Elektron Energy later that day.
This merger builds upon Twenty-One Capital’s recent entry into public markets via a SPAC deal with Cantor Equity Partners in December. Tether was notably among the early supporters of this initial business combination, paving the way for these additional proposed mergers.