Twenty One Capital Shares Rise After Tether Proposes Three-Way Bitcoin Merger

Shares of Twenty One Capital climbed more than 8% in after-hours trading after majority shareholder Tether Investments proposed a merger with Strike and Elektron Energy. The plan aims to combine bitcoin treasury operations, mining capacity, and financial services into a single publicly listed entity.

The proposed structure would create a platform spanning lending, capital markets, and long-term bitcoin accumulation. Jack Mallers is expected to continue leading the combined business, while Elektron Energy head Raphael Zagury has been proposed as president. Elektron currently manages roughly 5% of global bitcoin network computing power with production costs below $60,000 per bitcoin.

Expansion Beyond Bitcoin Treasury Model

Twenty One Capital went public in December through a SPAC merger with Cantor Equity Partners, entering the market with 43,514 BTC and backing from Tether, Bitfinex, and Strike leadership.

If completed, the merger would shift the company from a treasury-focused strategy to a diversified bitcoin platform with operating businesses and recurring revenue streams, though no timeline or financial terms have been disclosed.