Tether has proposed a multi-step plan for Twenty One Capital Inc. (NYSE: XXI) to merge with crypto buying and selling platform Strike and bitcoin (BTC) miner Elektron Vitality.
The proposal outlines a two-stage merger: an preliminary mixture of XXI and Strike, adopted by a merger with Elektron Vitality. Tether Investments, the bulk shareholder of Twenty One Capital, introduced Wednesday that it intends to vote its shares in favor of the proposal.
Twenty One Capital, a bitcoin-focused treasury enterprise, went public in December 2025 by means of a SPAC merger in New York. Its shares jumped 6.6% in after-hours buying and selling on Wednesday following Tether’s announcement, although the inventory stays down 15.8% year-to-date.
Strike, based by Jack Mallers, is a bitcoin monetary providers agency that enables buyers to commerce and borrow in opposition to bitcoin. Elektron Vitality, led by Raphael Zagury, is a bitcoin mining agency that manages roughly 50 EH/s of hashrate, representing about 5% of the present Bitcoin community, in accordance with the assertion.
Tether additionally proposed that Zagury, founder and CEO of Elektron, function president of the mixed entity.
“If consummated, the transactions would enable the mixed entity to leverage a robust steadiness sheet, a large-scale worthwhile working enterprise, and a monetary providers division constructed to spearhead Bitcoin adoption,” mentioned Tether.
Tether added that the merger may place XXI to “turn into the premier listed Bitcoin firm on this planet,” shifting it past a treasury-focused mannequin towards a “platform with working companies, recurring income alternatives, and long-term Bitcoin accumulation capabilities.”
Disclaimer: The Block is an unbiased media outlet that delivers information, analysis, and knowledge. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in different firms within the crypto area. Crypto change Bitget is an anchor LP for Foresight Ventures. The Block continues to function independently to ship goal, impactful, and well timed details about the crypto trade. Listed below are our present monetary disclosures.
© 2026 The Block. All Rights Reserved. This text is supplied for informational functions solely. It’s not supplied or supposed for use as authorized, tax, funding, monetary, or different recommendation.