Twenty One Capital's shares have risen by over 8% in after-hours trading, driven by a proposed merger between majority shareholder Tether Investments, Strike, and Elektron Energy. The move, announced by Tether Investment, aims to integrate bitcoin treasury, mining, and financial services into a single platform. As the CEO of Twenty One Capital, Jack Mallers, is also the founder of Strike, a global bitcoin financial services company, the merger is expected to create a premier listed Bitcoin company. The combined entity would offer a range of services, including bitcoin treasury, mining, financial services, lending, and capital markets, positioning Twenty One Capital for significant growth.
Led by Raphael Zagury, Elektron Energy brings significant mining capabilities to the table, with approximately 5% of the current bitcoin network's computing power. The proposed merger also suggests Zagury would serve as President of the combined entity, leveraging his experience in mining and capital markets alongside Mallers' expertise in product and consumer bitcoin services.
Having gone public in December through a SPAC merger with Cantor Equity Partners, Twenty One Capital initially focused on 'capital-efficient bitcoin accumulation' with 43,514 BTC and backing from Tether, Bitfinex, and Strike CEO Jack Mallers. The new merger would expand the company's commitment to bitcoin services, moving beyond treasury exposure to a platform with operating businesses and recurring revenue opportunities.