Twenty One Capital seeks integration with Strike and Elektron to build a major Bitcoin platform

Tether's investment arm Tether's investment arm is backing the proposed series merger of TwentyOne Capital, which it owns a majority stake in, to turn TwentyOne Capital into an all-in-one bitcoin company.

These include a proposed tie-up with Strike, a Bitcoin-focused fintech firm founded by Jack Mallers, who also serves as CEO and co-founder of Twenty One Capital, and a subsequent merger with a Bitcoin mining infrastructure firm. Terms of the proposed deals were not disclosed.

The combined entity will be a diversified Bitcoin company operating in mining, financial and capital markets, designed to generate recurring revenue alongside long-term Bitcoin reserves.

Tether Investments plans to appoint Electron CEO Rafael Zaguri as president alongside Mallers.

The transactions will add to Twenty One Capital's recently announced bitcoin holdings of 43,514 bitcoins worth more than $3.3 billion. Strike has publicly stated that it holds about 1,500 BTC in its treasury.

We don't just build on #Bitcoin, we stack it.

Stroke holds 1,500 BTC on our balance sheet, placing him among the top 25 corporate holders worldwide.

Proof of work.

Putting our money where our mouth is.

Building for hyperbitcoinization. pic.twitter.com/kYglUFybYv

— Strike (@Strike) June 3, 2025

Electron has mined over 5,500 bitcoins in its managed portfolio. The company has a mining capacity of approximately 50 exahashes per second, contributing about 5% of the computing power of the entire Bitcoin network.

The proposed mergers come as Bitcoin has yet to recover to the record levels seen last October. The digital asset traded at $75,685 at press time, down 19% from last year, according to CoinGecko.

Twenty One Capital was founded to provide public exposure to Bitcoin backed by proof-of-chain reserves. Although the structure has performed well in rising markets, it faces pressure during downturns due to the lack of operating income and dependence on Bitcoin price movements.

The company's stock rose in afternoon trading following the merger proposals, although it is down 70 percent from a year ago, according to Yahoo Finance.