Tether-Owned Twenty One Capital's Shares Surge After Stablecoin Company Proposes Merger With Bitcoin Firm Strike

Merger Of Bitcoin-Native Entities

Tether said in a press release that it plans to vote in favor of a proposed merger between Twenty One Capital and Bitcoin payments firm Strike, followed by a merger of the combined entities with Elektron Energy, a large-scale Bitcoin mining platform.

“If consummated, the transactions would allow the combined entity to leverage a strong balance sheet, a large-scale profitable operating business, and a financial services division built to spearhead Bitcoin adoption,” Tether said.

Twenty One Capital’s Shares Rise

Twenty One Capital in December as a Bitcoin-native company founded by Jack Mallers, who also serves as the founder and CEO of Strike.

Price Action: Twenty One Capital shares were up 5.11% in overnight trading after closing 1.76% lower at $7.83 during Wednesday’s regular trading session, according to data from Benzinga Pro. Year-to-date, the stock has fallen by over 10%.

At the time of writing, BTC was exchanging hands at $75,745.94, down 1.63% in the last 24 hours

Photo courtesy: Shutterstock