Twenty One Capital has announced a consolidation strategy focused on acquiring Strike and Elektron Energy to build a vertically integrated Bitcoin platform. The proposed mergers combine Bitcoin treasury holdings, mining, financial services, lending, and capital markets under a single public company.
Tether Investments has confirmed it will vote its shares in favor of the merger between Twenty One Capital and Strike, followed by a combination with Elektron. The transactions are subject to further details on terms, timing, governance, and assets included in the deal.
Strike, founded by Jack Mallers, would bring a Bitcoin financial services platform operating in over 100 countries. Its products include buying, selling, holding, transacting, and borrowing against Bitcoin, along with payments, custody, compliance systems, and distribution channels.
Elektron Energy manages approximately 50 exahash per second (EH/s), representing about 5% of the Bitcoin network's hash rate. The company has mined more than 5,500 Bitcoin and is described as cash-flow positive, with all-in production costs below $60,000 per coin. Tether has recommended Elektron CEO Raphael Zagury as president of the combined entity.
Twenty One Capital's broader strategy includes securitizing loan books and mining revenue, using responsible leverage backed by its Bitcoin treasury, and directing operating income toward acquiring more Bitcoin. The company plans to pursue additional acquisitions of Bitcoin-related businesses to compound operating income across treasury, mining, financial services, and capital markets.
