Through Proposed Mergers to Drive Long-term Value
29 April 2026 – Tether Investments, S.A. de C.V. (“Tether Investments”), today announced its proposals for the next phase of Twenty-One Capital’s (XXI) journey through a series of proposed transactions aimed at strengthening XXI’s structure, capital allocation, and long-term trajectory.
As part of this initiative, Tether Investments intends to vote its shares in favor of a proposed merger between XXI and Strike, a leading Bitcoin financial services company, and a proposed merger of the combined entities with Elektron Energy, a large-scale Bitcoin mining platform.
If consummated, the transactions would allow the combined entity to leverage a strong balance sheet, a large-scale profitable operating business, and a financial services division built to spearhead Bitcoin adoption. Strike would be contributing a profitable financial services platform, global distribution and regulatory infrastructure and Elektron would be adding large-scale 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, transact, and borrow against Bitcoin. Founded by Jack Mallers, Strike is profitable, trusted, and one of the most well-known brands in Bitcoin. Strike is available in 100+ countries, focused on delivering simple, secure, and compliant products that make Bitcoin accessible to everyone.
Elektron, led by Raphael Zagury, is one of the world’s largest private Bitcoin mining operators, managing approximately 50 EH/s across its platform, representing roughly 5% of the current Bitcoin network. Elektron has built a profitable, cash-flow-positive platform around low-cost management, disciplined capital allocation, and fast execution. Across its managed portfolio, Elektron has mined more than 5,500 bitcoins and reflects one of the most efficient cost structures in the Bitcoin mining industry, with current all-in Bitcoin production costs below $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 intends to recommend that Raphael Zagury, Founder and CEO of Elektron, serve as President. The proposed leadership structure is intended to combine Mallers’ product, brand, and consumer Bitcoin leadership with Zagury’s capital markets, operating, and execution experience.
If completed, these transactions would position XXI to become the premier listed Bitcoin company in the world: a public company that combines Bitcoin treasury, mining, financial services, lending, capital markets, and strategic consolidation into one integrated platform. The combined transactions would move XXI beyond treasury exposure alone and toward a platform with operating businesses, recurring revenue opportunities, and long-term Bitcoin accumulation capabilities.
Further details regarding transaction terms, timelines, governance considerations, and the specific assets within scope of the merger will be provided as discussions progress.
About Tether Investments
Tether Investments is the independent investment arm of Tether, the largest company in the digital assets industry. Based in El Salvador, Tether Investments deploys capital from Tether’s profits across a wide range of sectors where technology, infrastructure, and real-world utility intersect.
Tether Investments’s portfolio includes investments in artificial intelligence, financial services, energy, biotechnology, education, and digital media, as well as strategic stakes in industries such as commodities, remittances, 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 work supports Tether’s broader mission to strengthen decentralized systems, promote infrastructure resilience, and expand real-world access to open, transparent technologies.
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