Tether backs merger to make XXI a public Bitcoin exchange

Tether Investments will vote to merge its majority-owned Twenty‑One Capital with Bitcoin financial services firm Strike and miner Elektron Energy, and will recommend Elektron CEO Raphael Zagury as president of the combined public company.

Under the proposal, Twenty‑One Capital would first merge with Strike, which operates in more than 100 countries. The combined entity would then merge with Elektron Energy, a large-scale Bitcoin mining platform.

Tether Investments said the plan would create a single public company combining treasury holdings, mining operations, financial services, lending and capital markets. The firm did not disclose transaction terms, a timeline or governance arrangements and said further information will be provided as discussions progress.

“If consummated, the transactions would allow the combined entity to leverage a strong balance sheet, a large-scale profitable operating business, and a financial services division built to spearhead Bitcoin adoption,” Tether Investments wrote in its announcement.

Twenty‑One Capital holds more than 43,500 BTC on its balance sheet and is listed on the New York Stock Exchange under the ticker XXI. The stock began trading on the NYSE in December 2025. XXI had fallen more than 10% in 2026 prior to Wednesday’s announcement; it rose about 6.6% in after-hours trading to $8.35 following the news.

Tether Investments holds a majority stake in Twenty‑One Capital and said it will vote its shares in favor of the mergers. The announcement did not mention required regulatory approvals or definitive agreements. Company officials and representatives of Strike and Elektron did not provide further comment.