Tether Investments has proposed a series of transactions to merge its Twenty-One Capital vehicle with Bitcoin payments platform Strike and mining firm Elektron Energy, creating a single entity spanning mining, financial services, and capital market operations. The plan, disclosed on July 24, calls for Tether to vote in favor of the combination.
50 EH/s Hashrate Meets Global Reach
Elektron manages roughly 50 EH/s of mining capacity, representing about 5% of the Bitcoin network's total. The platform has mined over 5,500 bitcoins and maintains production costs below $60,000 per coin. Strike, founded by Jack Mallers, operates across more than 100 countries, offering services to buy, sell, and transact Bitcoin. Together, the merged entity would connect mining infrastructure with a global distribution network.
From Treasury to Operating Business
The deal would shift Twenty-One Capital beyond passive treasury exposure into active operating businesses, including mining, lending, and financial services under one framework. Tether also plans to recommend Raphael Zagury as President of the combined entity, pairing his operational experience with Mallers' role in product and distribution.
If completed, Tether would control both the production side (Elektron) and the user-facing layer (Strike), creating a vertical from mining rig to wallet. The proposal still requires shareholder and regulatory approvals; no timeline has been announced.