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Jack Mallers’ Twenty One Capital surges after majority holder Tether proposes 3-way merger
Tether has moved to combine bitcoin treasury, mining, and financial services under one roof.
Apr 29, 2026, 10:12 p.m. 2 min read
What to know:
- Tether Investments has proposed merging Twenty One Capital (XXI) with Strike, a Bitcoin financial services platform, and bitcoin miner Elektron Energy.
- If completed, the combined entity would unite bitcoin treasury, mining, financial services, lending, and capital markets under one public company.
- XXI shares have climbed nearly 8% in after-market trading on Wednesday.
“If completed, these transactions would position XXI to become the premier listed Bitcoin company in the world: a public company that combines Bitcoin treasury, mining, financial services, lending, capital markets, and strategic consolidation into one integrated platform,” according to the press release.
No terms of timelines were disclosed for the merger.
Led by Raphael Zagury, Elektron Energy manages approximately 5% of the current bitcoin network’s computing power with all-in production costs below $60,000 per bitcoin.
Tether also proposed that Zagury serve as President of the combined entity, pairing his mining and capital markets experience with Mallers’ product and consumer bitcoin leadership.
