Tether Investments wants to turn Twenty One Capital into one of the most powerful public Bitcoin companies in the market. The investment arm of Tether said it plans to vote its shares in favor of proposed mergers between Twenty One Capital, Strike, and Elektron Energy.
The plan would first combine Twenty One Capital with Strike, Jack Mallers’ Bitcoin financial services company. The merged company would then combine with Elektron Energy, a large-scale Bitcoin mining platform led by Raphael Zagury.
If completed, the structure would give Twenty One Capital a broader Bitcoin business instead of leaving it as a pure treasury play. The company would combine BTC holdings, mining infrastructure, lending, financial services, capital markets, and long-term Bitcoin accumulation under one listed platform.
Strike would bring a consumer and business Bitcoin platform already active in more than 100 countries. Tether said Strike adds global distribution, regulatory infrastructure, and a profitable financial services business.
Elektron would bring the mining side. Tether said Elektron manages about 50 EH/s across its platform, representing roughly 5% of the Bitcoin network’s current hashrate. The company has mined more than 5,500 BTC across its managed portfolio and has current all-in Bitcoin production costs below $60,000 per BTC.
Tether also said it intends to recommend Elektron CEO Raphael Zagury as president of the combined company. The proposed leadership setup would pair Mallers’ Bitcoin product brand with Zagury’s mining and capital markets experience.
Twenty One Capital already ranks among the largest public Bitcoin holders. Its reserves stand at 43,514 BTC, placing it behind only Strategy in public-company treasury size.
The market reacted quickly to the proposal. XXI recently traded around $7.83 after reaching an intraday high of $9.39, according to market data. The stock remains under pressure from its post-listing decline, but the merger plan gives investors a clearer operating story beyond simply holding Bitcoin.
Tether has not disclosed deal terms, timelines, final governance details, or the full asset scope of the proposed transactions. Those details will decide whether this becomes a real Bitcoin operating giant or just another ambitious treasury-stock pitch.
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