Tether Proposes Three-Way Merger to Build Premier Listed Bitcoin Company

• Merger structure: Tether Investments proposes a two-stage combination of Twenty-One Capital (NYSE: XXI) first with Strike, then with Elektron Energy.
• Strategic vision: The combined entity would become “the premier listed Bitcoin company in the world,” integrating BTC treasury management, financial services and mining operations.
• Key holdings: The new platform would control approximately 43,514 BTC from XXI’s treasury and leverage Elektron Energy’s mining capacity.

Tether Investments, the investment arm of the stablecoin issuer Tether, has proposed a landmark three-way merger that would unite NYSE-listed Bitcoin treasury firm Twenty-One Capital with payments platform Strike and miner Elektron Energy into a single publicly traded Bitcoin-focused company.

The plan, announced April 29, 2026, calls for a two-stage transaction in which Twenty-One Capital would first combine with Strike, Jack Mallers’ global Bitcoin financial services provider, before merging with Elektron Energy, according to the official Tether Investments announcement. Tether, as majority shareholder of Twenty-One Capital, said it intends to vote in favor of the transaction.

The proposed entity would integrate BTC treasury operations, payments and lending infrastructure, and large-scale mining to create what Tether described as “the premier listed Bitcoin company in the world.” Twenty-One Capital currently holds roughly 43,514 BTC, while Elektron Energy operates mining infrastructure representing a meaningful share of Bitcoin’s network hash rate.

The merger would also be supported by a $2.1 billion credit facility from Tether to expand lending activities backed by Bitcoin collateral. No specific financial terms or timelines for shareholder approvals were disclosed in the initial proposal.

Shares of Twenty-One Capital (XXI) climbed nearly 8% in after-hours trading following the news, as reported. The move reflects growing institutional interest in vertically integrated Bitcoin businesses that go beyond simple treasury accumulation.

While the proposal signals continued confidence in Bitcoin’s long-term role as a strategic asset, analysts note that successful integration of mining, payments and treasury functions will require careful execution and regulatory navigation. The development arrives amid broader industry efforts to build sustainable, revenue-generating Bitcoin platforms.

Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.

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