Driving long-term value through the proposed merger
April 29, 2026 – Tether Investments, SA de CV (“Tether Investments”) today announced its proposal for the next phase of Twenty One Capital (XXI) through a series of proposed transactions aimed at strengthening the structure, capital allocation, and long-term trajectory of Twenty One Capital (XXI).
As part of this effort, Tether Investments will vote in favor of the proposed merger of XXI with Strike, a leading Bitcoin financial services company, and the combined entity’s proposed merger with Electron Energy, a large Bitcoin mining platform.
Once the transaction closes, the combined company will benefit from a strong balance sheet, large and profitable business operations, and a financial services division built at the forefront of Bitcoin adoption. Strike will contribute a profitable financial services platform, global distribution and regulatory infrastructure, and Elektron will add extensive Bitcoin mining infrastructure, operational depth, and proven execution capabilities.
Strike is a global Bitcoin financial services company that enables individuals and businesses to buy, sell, hold, trade, and borrow Bitcoin. Founded by Jack Mallers, Strike is profitable, trusted, and one of the most well-known brands in Bitcoin. Strike is available in over 100 countries and is focused on providing simple, secure, and compliant products that make Bitcoin accessible to everyone.
Led by Raphael Zagury, Elektron is one of the world’s largest private Bitcoin mining operators, managing approximately 50 EH/s across its platforms, which is approximately 5% of the current Bitcoin network. Elektron has built a highly profitable, cash-flowing platform centered on low-cost management, disciplined capital allocation, and rapid execution. Elektron has mined more than 5,500 Bitcoins across its managed portfolio and reflects one of the most efficient cost structures in the Bitcoin mining industry, with current all-in Bitcoin production costs of less than $60,000 per Bitcoin. Elektron’s team has demonstrated the ability to deploy, optimize, and operate large-scale Bitcoin mining infrastructure across market cycles.
Tether Investments also plans to nominate Electron founder and CEO Rafael Zagli as president. The proposed leadership structure aims to combine Mallard’s product, brand and consumer Bitcoin leadership with Zagree’s capital markets, operational and execution experience.
Upon completion of these transactions, XXI will become a public company that combines Bitcoin treasury, mining, financial services, lending, capital markets, and strategic integration into one integrated platform, making it the world’s largest publicly traded Bitcoin company. The integrated transaction will move XXI beyond just financial exposure to a platform with operational businesses, recurring revenue opportunities, and long-term Bitcoin accumulation capabilities.
Further details regarding transaction terms, timelines, governance considerations and specific assets within the scope of the merger will be provided as discussions progress.
About Tether Investment
Tether Investments is the independent investment arm of Tether, the largest digital asset company. Based in El Salvador, Tether Investments deploys capital from Tether profits across a wide range of sectors at the intersection of technology, infrastructure, and real-world utilities.
Tether Investments’ portfolio includes investments in artificial intelligence, financial services, energy, biotechnology, education, and digital media, as well as strategic stakes in industries such as commodities, money transfers, and sports and entertainment. Tether Investments supports ventures with long-term potential to improve access, efficiency and resilience in both emerging and developed markets. Its efforts support Tether’s broader mission to strengthen decentralized systems, promote infrastructure resiliency, and expand real-world access to open and transparent technology.
