Twenty One Capital's shares have risen by over 8% in after-hours trading on Wednesday, following a proposal by majority shareholder Tether Investments to merge with Strike and Elektron Energy. Tether Investment, the independent investment arm of the stablecoin issuer, has announced its intention to vote in favor of combining Twenty One Capital with Strike, a global bitcoin financial services company founded by Jack Mallers, and Elektron Energy. The proposed merger aims to create a premier listed Bitcoin company, integrating bitcoin treasury, mining, financial services, lending, capital markets, and strategic consolidation into one platform. According to the proposal, the combined entity would be led by Jack Mallers as CEO, with Raphael Zagury, the leader of Elektron Energy, serving as President.
The merger would expand Twenty One Capital's focus beyond bitcoin accumulation, providing a platform with operating businesses, recurring revenue opportunities, and long-term bitcoin accumulation capabilities. No terms or timelines for the merger have been disclosed.