Twenty One Capital's shares have surged over 8% in after-hours trading following a proposal by majority shareholder Tether Investments to merge with Strike and Elektron Energy. The merger, if successful, would integrate bitcoin treasury, mining, and financial services, positioning Twenty One Capital as a premier listed bitcoin company.
The proposed merger aims to create a comprehensive platform offering bitcoin treasury, mining, financial services, lending, capital markets, and strategic consolidation. Led by Raphael Zagury, Elektron Energy currently manages around 5% of the bitcoin network's computing power.
Tether has proposed that Zagury serve as President of the combined entity, leveraging his expertise in mining and capital markets alongside Jack Mallers' experience in product and consumer bitcoin services. The merger would expand Twenty One Capital's focus beyond bitcoin accumulation, establishing a platform with operating businesses, recurring revenue opportunities, and long-term bitcoin accumulation capabilities.