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Tether is intent on pushing through a three-way mega merger that is claims will produce the "premier listed 
Bitcoin company in the world."
What's the Scoop?
- Mega Merger: Tether Investments – the investment management arm of digital asset issuer Tether – has unveiled its plan for a three-way mega merger between BTC treasury company Twenty One (XXI), lending platform Strike, and mining operator Elektron Energy. Tether Investments recommends that Raphael Zagury (CEO of Elektron), serve as President of the newly established joint venture. No terms or timelines for the merger were disclosed.
- Related Transaction: Tether and parent company iFinex received 58.8% ownership and 71% voting power in XXI at launch (with Tether alone controlling a 51.7% voting power supermajority). Tether outsources a "significant portion" of its BTC mining operations to Elektron Energy (it is unknown whether Tether holds an ownership stake in the company). Jack Mallers serves as CEO of both XXI and Strike, meanwhile, Raphael Zagury serves as CEO of Elektron Energy and board member at XXI.
- Bitcoin Conglomerate: According to Tether's press release, the proposed merger will transform XXI into, "the premier listed Bitcoin company in the world: a public company that combines Bitcoin treasury, mining, financial services, lending, capital markets, and strategic consolidation into one integrated platform."
- Printing Money: At the Bitcoin 2026 Conference yesterday, Jack Mallers (acting in his capacity as CEO of Strike) announced the establishment of $2.1B credit facility extended by Tether to expand Strike's BTC-backed lending operations. Mallers also voiced support for the aforementioned mega merger.
Now this is what I'm talking about
— matthew sigel, recovering CFA (@matthew_sigel) April 30, 2026
When I complain about related party transactions in this space https://t.co/9Vt50TmYEZ
