According to Tether’s announcement Wednesday (April 30), the company proposed a multi-step merger plan for Twenty One Capital Inc. (NYSE: XXI) to combine with crypto trading platform Strike and bitcoin miner Elektron Energy. Tether Investments, XXI’s majority shareholder, said it intends to vote in favor of the proposal. XXI shares jumped 6.6% in after-hours trading following the announcement, though the stock remains down 15.8% year-to-date.
Elektron Energy, led by CEO Raphael Zagury, manages approximately 50 EH/s of hashrate, representing roughly 5% of the current Bitcoin network. Zagury is proposed to serve as president of the combined entity. If approved, the merger would create a platform combining XXI’s balance sheet, Strike’s financial services capabilities, and Elektron’s mining operations.
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