Twenty One Capital's shares have risen by over 8% in after-hours trading after Tether Investments, the company's majority shareholder, proposed a three-way merger with Strike and Elektron Energy. The proposed merger, which Tether intends to support with its shares, aims to integrate bitcoin treasury, mining, and financial services into one platform.
If successful, the transaction would establish Twenty One Capital as a leading publicly traded bitcoin company, offering a range of services including bitcoin treasury, mining, financial services, lending, and capital markets. The combined entity would be led by Jack Mallers as CEO and Raphael Zagury as President, leveraging their respective expertise in product and consumer bitcoin services and mining and capital markets.
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.