Tether Plans Merger: Twenty One Capital to Become Leading Bitcoin Company
Tether has announced a plan to merge Twenty-One Capital with the Bitcoin financial service provider Strike and the mining company Elektron Energy. This proposed deal aims to unify Bitcoin treasury, mining, and financial services on a single platform.
Following the announcement, the stock of Twenty-One Capital (XXI) rose by over 6% in after-hours trading, reflecting positive investor sentiment. Tether Investments, the investment arm of the stablecoin issuer Tether and majority owner of Twenty-One Capital, aims to position XXI as the "leading publicly listed Bitcoin company in the world."
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"Once the transactions are completed, the combined company could leverage a strong balance sheet, a profitable large-scale business, and a financial services division to promote Bitcoin adoption," stated Tether Investments.
The merger will first involve Twenty-One Capital merging with Strike, a Bitcoin financial service provider active in over 100 countries. Subsequently, the new entity will merge with Elektron Energy, a large-scale Bitcoin mining platform. This strategic move is expected to create a company that integrates treasury, mining, financial services, lending, and capital markets into one public platform.
Tether has not yet disclosed the terms of the transaction, the timeline, or the management structure. However, it has indicated that further information will be provided as discussions progress. Notably, Twenty-One Capital is among the second-largest public holders of Bitcoin, with over 43,500 BTC on its balance sheet according to BitcoinTreasuries.
The XXI stock was listed on the New York Stock Exchange (NYSE) in December 2025 and has seen a decline of more than 10% in 2026 so far. Despite this, the stock reacted positively to the merger announcement, climbing to $8.35, a rise of more than 6.6% in after-hours trading.
In summary, Tether's proposed merger of Twenty-One Capital with Strike and Elektron Energy could significantly reshape the Bitcoin landscape by combining various financial services and mining operations into a single entity.
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