Tether Investments, the investment division of Tether and majority shareholder of Twenty-One Capital (XXI), has announced a strategic initiative to establish XXI as the top listed Bitcoin company globally. In a recent statement, the firm outlined its intention to facilitate a merger between Twenty-One Capital, Bitcoin financial services company Strike, and mining operation Elektron Energy.
According to the proposal, the process will commence with a merger between Twenty-One Capital and Strike, which operates in more than 100 countries under the leadership of Jack Mallers. Following this initial merger, the combined entity will then merge with Elektron Energy, a prominent player in Bitcoin mining. This amalgamation aims to create a multifaceted entity that integrates treasury management, Bitcoin mining, financial services, lending, and capital markets into a single public company.
Tether Investments emphasized that if the mergers go through, the resulting organization will be positioned to utilize a robust balance sheet, a profitable operational framework, and a financial services division designed to drive Bitcoin adoption forward. Furthermore, the firm has expressed its intention to propose Raphael Zagury, CEO of Elektron, as president of the newly merged company. This leadership structure is envisioned to complement Mallers’ expertise in consumer finance with Zagury’s extensive background in mining operations and capital markets.
Although Tether has not disclosed specific details about transaction terms, timelines, or governance structures, it has indicated that more information will be provided as discussions progress.
Twenty-One Capital is notable for being the second-largest public holder of Bitcoin, with an impressive inventory of over 43,500 BTC on its balance sheet, as reported by BitcoinTreasuries. The stock of Twenty-One Capital, which began trading on the New York Stock Exchange (NYSE) in December 2025, has seen a decline of more than 10% in 2026. However, following Wednesday’s announcement, XXI experienced a positive shift, rising more than 6.6% in after-hours trading to settle at $8.35.
As the situation develops, observers are encouraged to follow updates for the latest news regarding this ambitious expansion plan in the Bitcoin industry.
