Tether Investments said on April 29 that it has proposed combining Twenty-One Capital (NYSE: XXI), Bitcoin financial services firm Strike, and mining company Elektron Energy into one listed entity. The plan would bring together BTC treasury holdings, mining operations, financial services, and lending under a single public platform. After the proposal was disclosed, XXI shares rose as much as 8% during intraday trading.
A single public company built across several Bitcoin business lines
Under the proposal, Elektron Energy would represent the mining side of the business. The company, led by Raphael Zagury, manages about 50 EH/s of Bitcoin mining capacity, equal to roughly 5% of global hash rate, and has mined more than 5,500 BTC in total. Its all-in cost per mined Bitcoin is stated to be below $60,000.
Strike would cover the consumer-facing financial layer. Founded by Jack Mallers, the platform is live in more than 100 countries and offers Bitcoin buying, holding, trading, and collateralized lending services. Twenty-One Capital would serve as the capital markets anchor. According to the source material, the NYSE-listed BTC treasury company has already surpassed mining firm MARA after listing, making it the world’s second-largest Bitcoin treasury among public companies.
Management roles are already outlined in the proposal
Tether said Raphael Zagury is expected to become president of the merged entity, taking charge of capital markets, operations, and execution. Jack Mallers would remain focused on product, brand, and consumer Bitcoin services. In Tether’s official statement, the company said this structure would accelerate its strategic direction.
Tether’s plan reaches beyond a passive treasury model
The report notes that Tether Investments has previously disclosed stakes in more than 120 companies across sectors including AI, energy, finance, biotech, and media. This three-way combination is presented as a concentrated move inside the Bitcoin sector. The core idea is to place mining cash flow, financial services revenue, and treasury appreciation inside one listed vehicle rather than keeping XXI as a pure Bitcoin holding company.
The transaction is still at the proposal stage. Tether Investments said deal terms, timing, and governance details will be released after more discussions, and the merger has not reached final confirmation. Even so, the market reacted quickly, with XXI gaining as much as 8% intraday.