Tether Proposes Merging Twenty One Capital, Strike and Elektron Energy Into One Listed Bitcoin Company

Tether Investments has proposed combining publicly listed bitcoin company Twenty One Capital, Jack Mallers’ Strike and bitcoin miner Elektron Energy into a single public crypto business, according to a press release issued Tuesday.

The plan matters because it would attempt to create a listed company spanning three major parts of the bitcoin economy: treasury holdings, mining and financial services. In practice, that would mean one public company with exposure to holding bitcoin on its balance sheet, producing bitcoin through mining operations and offering bitcoin-related financial products.

Tether Investments, the investment arm of Tether, the company behind the USDT stablecoin, said it had proposed a series of transactions that would first merge Twenty One Capital, which trades under the ticker XXI, with Strike. Tether then proposed merging that combined company with Elektron Energy.

In its release, Tether described Strike as a profitable financial services platform founded by Mallers, a well-known bitcoin entrepreneur, and Elektron Energy as a large-scale bitcoin mining platform led by Raphael Zagury. Tether said it intends to vote its shares in favor of the proposed mergers and plans to recommend Zagury to serve as president of the combined company.

That gives the proposal added weight because Tether is not an outside suitor. It is already an influential stakeholder in Twenty One Capital, a public bitcoin-focused company created in late 2025.

According to Securities and Exchange Commission filings, Twenty One was formed through a business combination with Cantor Equity Partners that closed Dec. 8, 2025. Those filings show Tether and Bitfinex contributed large bitcoin holdings as part of that earlier transaction, helping establish Twenty One as a public vehicle centered on bitcoin ownership.

If completed, the new structure would fold Strike’s financial services business and Elektron’s mining platform into that existing public company framework.

Still, the announcement is a proposal, not a signed merger deal. The materials described in the research do not include a definitive merger agreement, valuation, exchange ratio or timetable. They also do not establish that Strike or Elektron have already agreed to the transactions beyond Tether’s proposal.

That distinction is important for investors and the broader market. A public statement of support from a major shareholder can signal strategic intent, but it is not the same as a finalized transaction with binding terms.

Any merger of this kind would ordinarily require approval from the companies’ boards, shareholder approval and formal SEC filings laying out the structure and economics of the deal before it could move forward.

For now, what Tether has put on the table is an effort to build a broader listed crypto company around Twenty One Capital — one that would combine bitcoin reserves, bitcoin mining and financial services under a single public umbrella.