Tether Proposes Twenty One Capital Merge With Strike, Elektron

The proposal calls for Twenty One Capital (NYSE: XXI) to first combine with Strike, followed by a merger with Elektron Energy.

Crypto News

Tether Investments has put forward a plan for BTC treasury company Twenty One Capital to merge with Bitcoin financial services firm Strike and Bitcoin miner Elektron Energy in a two-stage transaction.

The proposal calls for Twenty One Capital (NYSE: XXI) to first combine with Strike, followed by a merger with Elektron Energy. Tether Investments, which holds a majority stake in Twenty One Capital, said Wednesday it intends to vote its shares in favor of both transactions.

Twenty One Capital went public in December 2025 through a SPAC merger on the New York Stock Exchange. Its shares jumped 6.6% in after-hours trading on Wednesday following the announcement, though the stock remains down 15.8% year-to-date.

Strike, founded by Jack Mallers, is a Bitcoin financial services platform that allows investors to trade and borrow against BTC. Elektron Energy, led by Raphael Zagury, operates as a Bitcoin

firm managing roughly 50 EH/s of hash rate, which represents approximately 5% of the current Bitcoin network's total capacity.

Tether proposed that Zagury serve as president of the combined entity following the completion of both mergers. The firm said the transactions would allow the merged company to use a strong balance sheet, a large-scale operating business, and a financial services division to accelerate Bitcoin adoption.