Twenty One Capital's shares have risen by over 8% in after-hours trading, driven by Tether Investments' proposal to merge with Strike and Elektron Energy. As the majority shareholder, Tether Investments intends to support the combination of Twenty One Capital with Strike, a global bitcoin financial services company founded by Jack Mallers, and Elektron Energy. This move is expected to position Twenty One Capital as a premier listed bitcoin company, offering a comprehensive platform that encompasses bitcoin treasury, mining, financial services, lending, capital markets, and strategic consolidation.
The proposed merger, which would see Raphael Zagury serve as President of the combined entity, aims to bring together Zagury's expertise in mining and capital markets with Mallers' experience in product and consumer bitcoin leadership. With no terms or timelines disclosed, the merger is set to expand Twenty One Capital's focus beyond treasury exposure, creating a platform with operating businesses, recurring revenue opportunities, and long-term bitcoin accumulation capabilities.