Tether Backs Merger of Twenty One Capital, Strike, Elektron

Tether Investments, the majority shareholder of Twenty One Capital, announced Wednesday its intent to vote in favor of a proposed three-way merger that would combine the publicly traded Bitcoin holding company with Strike, a Bitcoin payments firm, and Elektron Energy, a large-scale Bitcoin mining operation.

Under the plan, Twenty One Capital would first merge with Strike, which operates in more than 100 countries and provides financial services including payments, custody, and lending. The resulting entity would then merge with Elektron Energy, which manages about 50 exahashes per second of mining capacity, representing roughly 5 percent of the Bitcoin network. Tether described the combination as creating a vertically integrated public platform encompassing Bitcoin treasury management, mining, financial services, and capital markets execution.

Tether stated the merger would leverage Strike's profitable operations, regulatory infrastructure, and global distribution alongside Elektron's mining depth and execution capabilities. Twenty One Capital, which holds 43,514 Bitcoin and ranks as the second-largest public corporate holder behind Strategy Inc.'s 818,334 coins, went public in...