Twenty One Capital Shares Surge Following Tether’s Merger Proposal
- Shares of Twenty One Capital (XXI) rose over 8% in after-hours trading on Wednesday.
- Tether Investments proposed a merger between XXI, Strike, and Elektron Energy.
- If completed, the merger aims to create a premier listed Bitcoin company integrating various financial services.
- Elektron Energy manages around 5% of the current Bitcoin network’s computing power with production costs below $60,000 per Bitcoin.
- Raphael Zagury is proposed to be President of the combined entity, enhancing leadership in mining and capital markets.
- XXI went public in December through a SPAC merger with Cantor Equity Partners and currently holds approximately 43,514 BTC.
The proposed merger could significantly expand XXI’s operations beyond treasury management into comprehensive Bitcoin services, including mining and lending opportunities. This strategic move is backed by major players like Tether and Jack Mallers.
With the potential for a new integrated platform combining various Bitcoin services, this merger could redefine XXI’s market position as it seeks to enhance revenue streams and operational capabilities.
