Tether Proposes Plan to Make Twenty One Capital “Premier Bitcoin Company”

Tether Investments, the investment arm of stablecoin issuer Tether and a majority shareholder of Twenty-One Capital (XXI), has unveiled a plan aimed at turning XXI into the “premier listed Bitcoin company in the world.”

In a recent announcement, the firm said it plans to vote to merge Twenty-One Capital with Bitcoin financial services firm Strike and miner Elektron Energy.

Tether to Vote for Twenty One Capital Merger With Strike, Elektron

Under the proposal, Twenty-One Capital would first merge with Strike, Jack Mallers’ Bitcoin financial services firm operating in more than 100 countries. The combined entity would then merge with Elektron Energy, a large-scale Bitcoin mining platform.

The merger would transform XXI into a firm that combines treasury, mining, financial services, lending, and capital markets under a single public platform.

“If consummated, the transactions would allow the combined entity to leverage a strong balance sheet, a large-scale profitable operating business, and a financial services division built to spearhead Bitcoin adoption,” Tether Investments noted.

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The firm also stated that it will recommend Elektron CEO Raphael Zagury to serve as president of the merged company. The structure would pair Mallers’ consumer leadership with Zagury’s background in mining operations and capital markets.

Tether Investments has not disclosed transaction terms, timelines, or governance details. The firm said further information will follow as discussions progress.

Twenty-One Capital ranks as the second-largest public holder of Bitcoin. The firm holds over 43,500 BTC on its balance sheet, according to BitcoinTreasuries. 

Its stock, XXI, was listed on the New York Stock Exchange (NYSE) in December 2025. The stock has declined over 10% in 2026 so far.

Nonetheless, it responded positively to Wednesday’s announcement. XXI jumped more than 6.6% in after-hours trading to $8.35.

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