Twenty One Capital seeks mergers with Strike and Elektron to build premier Bitcoin platform
Tether Investments, the investment division of Tether, is backing a proposed series of mergers aimed at turning Twenty One Capital, in which it holds a majority stake, into an all-in-one Bitcoin company.
These include a proposed tie-up with Strike, a Bitcoin-focused fintech firm founded by Jack Mallers, who also serves as CEO and co‑founder of Twenty One Capital, and a subsequent merger with Elektron Energy, a Bitcoin mining infrastructure firm. Terms of the proposed deals have not been disclosed.
The combined entity would be a diversified Bitcoin firm with operations across mining, financial services and capital markets, designed to generate recurring revenue alongside long-term Bitcoin accumulation.
Tether Investments plans to nominate Elektron CEO Raphael Zagury as president, alongside Mallers.
The transactions would add to Twenty One Capital’s Bitcoin reserves, which stood at 43,514 Bitcoin worth over $3.3 billion in its most recent disclosure. Strike has publicly said it holds about 1,500 BTC in its treasury.
We don’t just build on #Bitcoin, we stack it.
Strike holds 1,500 BTC on our balance sheet, placing us among the top 25 corporate holders worldwide.
Proof of work.
Putting our money where our mouth is.
Building for hyperbitcoinization. pic.twitter.com/kYglUFybYv
— Strike (@Strike) June 3, 2025
Elektron has mined over 5,500 Bitcoin across its managed portfolio. The company contributes approximately 50 exahashes per second of mining capacity, about 5% of the entire Bitcoin network’s computing power.
The planned mergers come as Bitcoin has yet to recover to the record levels seen last October. The digital asset traded at $75,685 at press time, down 19% over the past year, per CoinGecko.
Twenty One Capital was founded on the idea of providing public Bitcoin exposure backed by on-chain proof of reserves. While the structure performs well in rising markets, it faces pressure during downturns due to its lack of operating revenue and dependence on Bitcoin price movements.
The company’s stock ticked up in after-hours trading following news of the merger proposals, though it remains down roughly 70% over the past year, per Yahoo Finance.
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