Overview
- Tether Investments, which announced the plan Wednesday, said it will vote its XXI stake for a merger with Strike followed by Elektron.
- Twenty One outlined a shift to an operating model that blends Bitcoin treasury, large-scale mining, payments, and capital-markets services.
- XXI shares jumped after hours, rising about 6% to 8% from a $7.83 close to a high of $9.28 before easing to $8.35.
- Leadership floated for the combined firm includes Elektron CEO Raphael Zagury as president and Strike founder Jack Mallers in an executive post.
- No deal terms or timeline are public, though disclosures highlight XXI’s 43,514 BTC, Strike’s reach in 100+ countries, and Elektron’s roughly 50 EH/s with costs under $60,000 per coin.