Twenty One Capital rises on proposed merger with Strike and Elektron

Tether proposed that Elektron founder and CEO Raphael Zagury serve as president of the proposed merged company, while Strike's Jack Mallers would also serve in an executive role.

Shares in the Bitcoin-buying company Twenty One Capital climbed in after-hours trading on Wednesday after its majority shareholder, Tether, proposed a three-way merger with two other crypto companies.

Tether said Wednesday that it intends to vote in favor of a proposed merger between Twenty One Capital and Bitcoin payments company Strike, followed by a proposed merger of the combined company with Bitcoin mining firm Elektron Energy.

Tether added that if the mergers go through, “Strike would be contributing a profitable financial services platform, global distribution and regulatory infrastructure and Elektron would be adding large-scale Bitcoin mining infrastructure, operational depth and proven execution capabilities.”

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