Tether Investments, the investment arm of the stablecoin giant, has announced proposals for a triple merger combining Twenty-One Capital, Strike, and Elektron Energy into what it calls "the premier listed Bitcoin company in the world."
The merged entity would unite three distinct Bitcoin operations under a single public company. Twenty-One Capital, which holds more than 43,500 Bitcoin valued at approximately $3.3 billion, ranks second among public companies for Bitcoin reserves. Strike, the Bitcoin financial services firm founded by Jack Mallers-who also serves as CEO of Twenty-One Capital-operates in over 100 countries and recently secured a $2.1 billion credit facility to meet lending demand. Elektron Energy brings significant mining infrastructure, managing about 50 exahashes per second of mining capacity, roughly 5% of the Bitcoin network. The company has mined more than 5,500 Bitcoin and maintains production costs below $60,000 per Bitcoin.
Raphael Zagury, currently leading Elektron, is recommended to serve as president of the combined entity. Tether Investments stated the leadership structure is designed to combine Mallers' consumer Bitcoin expertise with Zagury's capital markets and operational experience.
Market reaction was initially positive, with Twenty-One shares jumping in after-market trading, though gains have since moderated. The stock recently traded at $8.06, up about 3% from the previous close. Speaking at the Bitcoin 2026 conference, Mallers said, "Simply put, I think it's a great idea."
This merger follows Twenty-One Capital's transition to public markets through a SPAC merger with Cantor Equity Partners in December, which Tether backed. The combined company would become one of the most significant publicly traded Bitcoin platforms globally.