Tether Investments proposes a three-way merger, aiming to create the world’s largest publicly listed Bitcoin company

According to an official statement released on April 29 by Tether’s independent investment arm, Tether Investments, the proposal is to complete two mergers involving Twenty-One Capital (XXI) in stages. According to the statement, once the two transactions are completed, the merged entity will integrate bitcoin asset management, mining, financial services, lending, and capital markets business, becoming the world’s leading publicly listed bitcoin integrated platform.

Proposed Transaction Details and Leadership Structure

According to Tether Investments’ official statement, Tether Investments plans to vote in favor of the two merger transactions mentioned above, and also plans to nominate Elektron’s founder and CEO, Raphael Zagury, to serve as president of the merged entity. The statement explains that the proposed leadership structure will be led by Jack Mallers, founder of Strike, for product, brand, and consumer bitcoin business, while Raphael Zagury will be responsible for capital markets, operations, and execution, forming a dual-core division of labor.

According to the statement, specific details regarding the transaction terms, timeline, and governance arrangements will be disclosed separately during the discussion process.

Company Overview: Strike and Elektron Energy

According to Tether Investments’ official statement, Strike was founded by Jack Mallers and is a global bitcoin financial services company whose business includes buying and selling bitcoin, holding, trading, and lending. It has operated in more than 100 countries and regions and has a global distribution and regulatory infrastructure, with its profitability confirmed by the statement.

According to the same statement, Elektron Energy is led by Raphael Zagury and is one of the world’s largest private bitcoin mining operators. Its platform manages hashrate of approximately 50 EH/s, accounting for about 5% of the current bitcoin network hashrate. It has positive cash flow; as of the time the statement was released, Elektron has accumulated more than 5,500 bitcoins, with total production costs per bitcoin below $60,000.

Institutional Background: Tether Investments

According to Tether Investments’ official statement, Tether Investments is an independent investment arm under Tether, the digital asset institution. It is headquartered in El Salvador. It uses Tether’s profits to invest in cross-sector areas involving technology, infrastructure, and applications. Its investment scope includes artificial intelligence, financial services, energy, biotechnology, education, and digital media.

Frequently Asked Questions

What is the merger structure proposed by Tether Investments this time?

According to Tether Investments’ official statement dated April 29, 2026, the proposal is divided into two stages: the first stage is the merger between Twenty-One Capital (XXI) and Strike; the second stage is the subsequent merger between the merged entity and Elektron Energy.

Which core businesses will the post-merger XXI integrate?

According to Tether Investments’ official statement, the post-merger entity will integrate bitcoin asset management, mining, financial services, lending, capital markets, and strategy businesses, becoming a publicly listed bitcoin integrated platform.

What is Elektron Energy’s mining scale and cost structure?

According to Tether Investments’ official statement, Elektron Energy manages hashrate of approximately 50 EH/s, accounting for about 5% of the bitcoin network hashrate. As of the time the statement was released, it has accumulated more than 5,500 bitcoins, with total production costs per bitcoin below $60,000, and positive cash flow.