Tether Backs Plan to Turn Twenty-One Into a Larger Public Bitcoin Platform

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Tether Investments is pushing for a larger Bitcoin (CRYPTO: $BTC) operating platform around Twenty One Capital (NYSE: $XXI), saying it plans to vote its shares in favour of a proposed merger between XXI and Strike, followed by a second proposed merger with Elektron Energy. If completed, the transactions would bring together a listed Bitcoin treasury company, a global Bitcoin financial services business and a large-scale mining operator under one combined platform.
 
For Twenty One Capital, the proposal would mark a shift from treasury exposure alone toward a business with more operating depth. Strike would contribute its Bitcoin payments, trading, custody and borrowing infrastructure, along with global distribution and regulatory capabilities across more than 100 countries. 

Elektron would add mining scale, energy operations and execution experience at a time when public Bitcoin companies are increasingly being judged on more than how much BTC they hold. 

Elektron is described as one of the world’s largest private Bitcoin mining operators, managing about 50 EH/s across its platform, or roughly 5% of the current Bitcoin network. Tether said Elektron has mined more than 5,500 bitcoin across its managed portfolio and currently operates with all-in production costs below $60,000 per bitcoin. 

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Tether Investments also intends to recommend Elektron founder and CEO Raphael Zagury as president of the combined entity, pairing his operating background with Strike founder Jack Mallers’ consumer Bitcoin and product leadership.  

The proposal is still early, with transaction terms, timelines, governance details and final asset scope expected to come later. Even so, the direction is clear: Tether wants XXI to look less like a passive Bitcoin balance sheet and more like an integrated public Bitcoin company with treasury holdings, mining, financial services, lending, capital markets, and consolidation potential, all working within the same structure.  

Twenty One Capital Inc. (NYSE: XXI) stock is currently sitting at $7.83 U.S. per share. 

Bitcoin (CRYPTO: $BTC) is trading at $76,281 U.S. per digital token.