Key Takeaways
- • Twenty One Capital (XXI) surged 8% in after-hours trading on April 29, 2026, following announcement of a proposed three-way merger with Strike and bitcoin miner Elektron Energy, backed by majority shareholder Tether Investments.
- • The combined entity would create a vertically integrated bitcoin platform consolidating treasury management, mining operations (currently ~5% of bitcoin network hashrate), financial services, lending, and capital markets under single public company structure, positioning XXI as "the premier listed Bitcoin company in the world."
- • Elektron Energy, led by CEO Raphael Zagury, operates bitcoin mining with all-in production costs below $60,000 per bitcoin and would contribute approximately 5% of current network computing power to the combined entity; Zagury is proposed to serve as President post-merger.
- • XXI entered public markets in December 2025 via SPAC merger with Cantor Equity Partners holding 43,514 BTC (third-largest corporate bitcoin treasury) and initially dropped 25% on debut trading before subsequent recovery; no merger terms or timelines were disclosed as of announcement.
Summary
Twenty One Capital (XXI), the bitcoin-focused treasury firm founded and led by Strike CEO Jack Mallers, gained 8% in after-hours trading on Wednesday, April 29, 2026, after Tether Investments—the company's majority shareholder—announced intent to vote in favor of a transformative three-way merger combining XXI with Strike, a global bitcoin financial services platform, and Elektron Energy, a major bitcoin mining operation.
The proposed combination aims to create an integrated platform consolidating multiple segments of the bitcoin ecosystem under a single publicly traded entity. According to the merger announcement, the combined company would operate across bitcoin treasury management, mining operations, financial services, lending, capital markets, and strategic consolidation capabilities. Tether characterized the transaction as positioning XXI to become "the premier listed Bitcoin company in the world." No specific transaction terms, valuations, or completion timelines were disclosed in the announcement.
Elektron Energy, managed by Raphael Zagury, brings substantial mining infrastructure to the proposed merger, currently operating approximately 5% of the bitcoin network's total computing power with all-in production costs maintained below $60,000 per bitcoin—a competitive cost structure in the mining sector. Tether proposed that Zagury assume the role of President in the combined entity, pairing his mining and capital markets expertise with Mallers' product development and consumer-facing bitcoin leadership.
XXI completed its public market debut in December 2025 through a SPAC merger with Cantor Equity Partners under the ticker XXI, entering the market with 43,514 BTC representing the third-largest corporate bitcoin treasury among publicly traded companies. The company's initial public offering through PIPE financing at $10 per share saw the stock trade down 25% on its first trading day but has since recovered substantially, reflecting broader volatility in bitcoin treasury company valuations during 2025-2026. The company's stated strategy has focused on capital-efficient bitcoin accumulation supported by on-chain proof-of-reserves verification.
The proposed combination aims to create an integrated platform consolidating multiple segments of the bitcoin ecosystem under a single publicly traded entity. According to the merger announcement, the combined company would operate across bitcoin treasury management, mining operations, financial services, lending, capital markets, and strategic consolidation capabilities. Tether characterized the transaction as positioning XXI to become "the premier listed Bitcoin company in the world." No specific transaction terms, valuations, or completion timelines were disclosed in the announcement.
Elektron Energy, managed by Raphael Zagury, brings substantial mining infrastructure to the proposed merger, currently operating approximately 5% of the bitcoin network's total computing power with all-in production costs maintained below $60,000 per bitcoin—a competitive cost structure in the mining sector. Tether proposed that Zagury assume the role of President in the combined entity, pairing his mining and capital markets expertise with Mallers' product development and consumer-facing bitcoin leadership.
XXI completed its public market debut in December 2025 through a SPAC merger with Cantor Equity Partners under the ticker XXI, entering the market with 43,514 BTC representing the third-largest corporate bitcoin treasury among publicly traded companies. The company's initial public offering through PIPE financing at $10 per share saw the stock trade down 25% on its first trading day but has since recovered substantially, reflecting broader volatility in bitcoin treasury company valuations during 2025-2026. The company's stated strategy has focused on capital-efficient bitcoin accumulation supported by on-chain proof-of-reserves verification.
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