Tether Floats Three-Way Merger Plan to Create a Leading Public Bitcoin Platform

Tether has proposed a two-stage merger that would combine Twenty One Capital ($XXI), Jack Mallers' Strike, and Bitcoin miner Elektron Energy into a single publicly listed company spanning Bitcoin treasury management, mining, financial services, lending, and capital markets. Twenty One Capital already holds more than 43,500 BTC, ranking as the third-largest corporate Bitcoin treasury. Strike would contribute payments and broader financial services across 100+ countries. Elektron Energy would add 50 EH/s of hash rate, about 5% of the Bitcoin network, with all-in production costs below $60,000 per coin. $XXI shares rose 6.6% in after-hours trading following the report. Mallers endorsed the proposal on stage at Bitcoin Conference 2026, calling it "a great idea."