A three‑way merger proposal from Tether sent shares of Twenty One Capital climbing in after‑hours trading on Wednesday, as the Bitcoin‑focused firm eyes a strategic consolidation with Strike and Elektron Energy. Tether said it intends to vote in favor of a plan that would first merge Twenty One Capital with Strike, a Bitcoin payments company, and then combine the resulting entity with Elektron Energy, a Bitcoin mining operation.

Tether described the aim as building a vertically integrated platform that blends financial services, Bitcoin mining, and capital markets execution. Strike would bring a profitable financial services platform, broad distribution, and regulatory infrastructure, while Elektron would supply large‑scale Bitcoin mining capacity, operational depth, and proven execution capabilities. The terms of the merger and the timeline for completion were not disclosed in the statement.

In after‑hours trading, Twenty One Capital’s stock dipped 1.7% to $7.83 in regular session trading, but rallied after the bell, hitting as high as $9.28 before settling around $8.35, a gain of about 6.6% for the session’s close.

Twenty One Capital sits high among public companies for Bitcoin holdings, with about 43,514 coins. That places it behind Strategy, Inc., which holds the largest publicly disclosed bitcoin treasury with 818,334 coins. Twenty One Capital publicly listed in December following a merger with Cantor Equity Partners and started with a notable Bitcoin position, aiming to grow its Bitcoin per share through ongoing accumulation.

Tether did not release the terms of the proposed mergers or a precise timetable. The plan includes leadership assignments: Elektron Energy founder and CEO Raphael Zagury would serve as president of the new, merged company, while Jack Mallers—founder and CEO of Strike and co‑founder and CEO of Twenty One Capital—would also hold an executive role. Tether framed the leadership alignment as designed to fuse Mallers’ product, brand, and consumer Bitcoin leadership with Zagury’s capital markets, operating, and execution experience.

Key takeaways

• Tether proposes a staged three‑way merger: Twenty One Capital → Strike → Elektron Energy, aiming to integrate payments, mining, and Bitcoin treasury management.
• Strike would contribute a regulated financial services platform with global distribution; Elektron Energy would add large‑scale mining infrastructure and execution depth.
• Terms and closing timetable remain undisclosed, creating a wait‑and‑watch period for investors and observers.
• Twenty One Capital holds about 43,514 Bitcoin, ranking it among the top public holders, though it trails Strategy, Inc.’s 818,334 coins.
• Leadership for the merged entity would feature Raphael Zagury as president and Jack Mallers in an executive role, signaling a blend of capital markets experience with consumer‑facing Bitcoin leadership.

What the merger could unlock—and what it might test

The proposal signals an attempt to move Twenty One Capital beyond a pure treasury play toward an operating platform with recurring revenue opportunities tied to Bitcoin infrastructure. By combining with Strike, the venture gains a payments and financial services backbone that already operates in the Bitcoin ecosystem, potentially expanding access to users and merchants who want integrated on‑ramps for Bitcoin payments and related services. The addition of Elektron Energy would bring mining scale, which could help the merged entity pursue a more dynamic Bitcoin accumulation strategy, leveraging mining operations as a strategic asset rather than a mere balance‑sheet hedge.

From an investor perspective, the move could diversify exposure within a single platform: users gain access to payments, mining, and capital markets execution under a unified brand. Yet the structure remains uncertain, as the terms are not disclosed and regulatory approvals would be required. In an environment where regulatory clarity around crypto‑native consolidations remains variable across jurisdictions, the speed and likelihood of a successful integration will hinge on governance, anti‑trust considerations, and how the new entity would align with existing compliance frameworks for payments and mining operations.

Leadership, governance, and strategic implications

The leadership plan frames a clear mandate: leverage Zagury’s capital markets and execution track record to steer the combined group, while Mallers anchors product strategy, brand power, and consumer Bitcoin leadership. This pairing could, in theory, yield a platform that is more than the sum of its parts—melding consumer‑facing Bitcoin services with heavy‑duty mining operations and sophisticated financial infrastructure. Still, leadership transitions in cross‑industry mergers can introduce execution risk if cultural and operational priorities diverge. Stakeholders will want to see how governance would be structured, how conflicts of interest would be managed, and what milestones would indicate progress toward integration.

For Strike and Strike’s ecosystem, the deal could extend strategic reach beyond payments into a broader Bitcoin stack, potentially enhancing user adoption and cross‑selling opportunities. Elektron Energy, meanwhile, would gain access to a wider corporate platform that could help monetize mining through financial products, services, and partnerships that leverage the company’s mining capacity. The eventual alignment of these diverse activities will be a focal point for investors watching the path to a closing date—and possible synergies—across the three businesses.

Market backdrop and what to watch next

Public market participants have already been in a mood to evaluate Bitcoin‑centric strategies that combine treasury management with operational capability. Twenty One Capital’s Bitcoin holdings—already among the largest among publicly traded crypto‑related entities—offer a strategic asset that could be amplified by a unified platform that also addresses payments and mining. The success of such a three‑way merger would depend on the terms, financing structure, regulatory approvals, and the speed with which the combined organization can integrate disparate functions from consumer product design to large‑scale mining operations.

As with any proposed consolidation in the crypto space, the next steps will hinge on formal filings, board approvals, and any potential antitrust or securities oversight reviews. Investors should monitor updates from Twenty One Capital, Strike, Elektron Energy, and, crucially, any statements from Tether detailing conditions or contingencies tied to the merger. The broader market will also be watching for how this strategy aligns with evolving regulatory environments and whether it signals a trend toward more vertically integrated, crypto‑native platforms rather than dispersed, standalone businesses.

Earlier coverage around Tether’s broader infrastructure initiatives—such as open‑source mining frameworks designed to unify Bitcoin infrastructure—helps contextualize the current proposal as part of a wider push to knit together Bitcoin’s core pillars: payments, mining, and treasury management. Whether this three‑way plan materializes into a lasting, value‑creating enterprise remains to be seen, but it underscores the industry’s ongoing interest in material, multi‑faceted approaches to Bitcoin exposure and ecosystem development.

Readers should watch official updates from the involved companies for terms, timing, and governance details, as well as any regulatory commentary that could influence a potential close. In the near term, the market’s reaction to any new disclosures will shed light on whether investors view this as a meaningful structural shift or a speculative move tied to leadership talent and branding growth within the Bitcoin sector.

Twenty One Capital, Strike, and Elektron Energy have not disclosed a timeline for closing the merger or the precise financial mechanics, but the plan signals a willingness to pursue a high‑impact, cross‑vertical Bitcoin platform if approved.

—

Twenty One Capital shares rose after hours after Tether backed a proposed merger with Strike and Elektron Energy. 

The plan could move the Bitcoin-buying company beyond treasury holdings and into payments, mining, and financial services.

Tether said it intends to vote in favor of merging Twenty One Capital with Strike. The combined company would then merge with Bitcoin mining firm Elektron Energy.

The proposal would bring together three parts of the Bitcoin market. Strike would add payments, distribution, and regulatory infrastructure. Elektron would add mining operations and execution capacity.

Twenty One Capital shares climb after hours

Twenty One Capital shares closed Wednesday down 1.7% at $7.83. However, the stock later rose to $9.28 in after-hours trading.

The shares settled at $8.35 after the bell, marking a 6.6% gain. The move came as investors reacted to Tether’s merger proposal.

Moreover, Tether proposed Elektron founder and CEO Raphael Zagury as president of the merged company. Strike founder Jack Mallers would also hold an executive role.

Tether said the proposed structure would combine “Mallers’ product, brand, and consumer Bitcoin leadership” with “Zagury’s capital markets, operating, and execution experience.”

Bitcoin strategy could expand

Twenty One Capital went public in December through a merger with Cantor Equity Partners. It launched with 43,500 Bitcoin and aimed to grow Bitcoin per share.

The company now holds 43,514 Bitcoin. It ranks second among public companies, behind Strategy, Inc., which holds 818,334 Bitcoin.

Tether said the deal could move Twenty One beyond treasury exposure alone. It added that the company could build operating businesses, recurring revenue, and long-term Bitcoin accumulation capacity.

The Iran war premium is back, and crypto is paying for it.

Bitcoin slid 2.1% over the past 24 hours to $75,633 in Asian hours Thursday, down 3% on the week, as Brent crude jumped 7.1% to $126.41 a barrel — the highest intraday level in four years — on an Axios report that President Donald Trump is set to receive a briefing on new military options against Iran.

The report added U.S. Central Command has asked for hypersonic missiles to be deployed to the Middle East, which would mark the first time American forces have used those weapons in combat. The Strait of Hormuz has been effectively shut since the war began in late February, choking flows of crude, natural gas, and oil products.

Such activity leads to a war premium, which refers to the portion of an asset’s price driven by conflict risk rather than supply-demand fundamentals. Brent has been carrying a heavy one all year, with prices up over 100% year-to-date.

The global benchmark is now riding a nine-day winning streak, the longest since May 2022, and is up over 100% year-to-date.

Ether dropped 3.4% to $2,244 and is down 4.4% on the week. XRP fell 2.1% to $1.37, off 3.7% over seven days. Solana lost 2.6% to $82.62. BNB shed 1.9% to $615. The only green print in the top 10 outside stablecoins is dogecoin, up 3.8% on the day and 10.1% on the week to $0.10.

Risk assets are giving back gains across the board. Nasdaq 100 futures erased an earlier 1.1% rally fueled by strong Alphabet and Amazon earnings, MSCI’s Asia Pacific share index fell 1.4%, and European equities were primed to drop 1% at the open.

The dollar gained and bonds slid as the surge in oil and a hawkish Fed hold sapped demand for fixed income. Treasury 10-year yields held near the highest since July, and Japan’s 10-year notes hit the highest level since 1997, per Bloomberg.

Bitcoin’s resilience through the early stages of the war is being tested. The asset has held a tight band between $74,000 and $78,000 through April even as oil ran from $98 to $126 and the conflict entered its third month. Each escalation headline has produced a sharper drawdown, and the cumulative damage is starting to show.

BTC is now $50,000 below its October 2025 all-time high of $126,000.

Fernando Lillo, director at exchange Zoomex, said in a note that any break above $80,000 requires the war premium to unwind.

“Bitcoin is trying to break the key $80,000 level, which would require a resolution to the Middle East conflict and, as a result, a drop in Brent crude oil prices below $100 per barrel,” he said. “One is impossible without the other, and the USA administration’s plans for a prolonged naval blockade of Iran are becoming a real obstacle.”

Lillo flagged a possible scenario where the Trump administration lifts the blockade in coming days and frames it as a response to “positive steps by Iran” to engineer a relief rally.

“A potential lifting of restrictions in the region and lower oil prices could trigger an accelerated influx of capital into risk assets, paving the way for Bitcoin to consolidate above $80,000 and move toward $85,000.”

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.”

Shares in Twenty One Capital (XXI) ended trading on Wednesday down 1.7% at $7.83, but jumped to a high of $9.28 after hours before settling at $8.35 for a gain of 6.6% after the bell.

Shares in Twenty One Capital on Wednesday surged after hours. Source: Google Finance

The company has the second-largest Bitcoin holdings among public companies and its share price has slid over 10.5% so far this year alongside Bitcoin’s decline.

Tether did not share the terms of the mergers or a timeline for their completion, but proposed that Elektron founder and CEO Raphael Zagury serve as president of the new company.

It added that Jack Mallers, the founder and CEO of Strike and co-founder and CEO of Twenty One Capital, would also serve in an executive role.

“The proposed leadership structure is intended to combine Mallers’ product, brand, and consumer Bitcoin leadership with Zagury’s capital markets, operating, and execution experience,” Tether said.

Related: Tether launches open-source mining framework to unify Bitcoin infrastructure

Twenty One Capital went public in December through a merger with Cantor Equity Partners and came to market with holdings of 43,500 Bitcoin and an aim of increasing its Bitcoin per share.

Tether said if the mergers are successful, Twenty One would move “beyond treasury exposure alone and toward a platform with operating businesses, recurring revenue opportunities, and long-term Bitcoin accumulation capabilities.”

Twenty One Capital currently holds 43,514 Bitcoin and is behind only Strategy, Inc. in terms of public company Bitcoin holdings, which holds 818,334 Bitcoin.

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TLDR

• Visa expanded its stablecoin settlement pilot to five additional blockchain networks.
• The program now operates across nine networks and reports a $7 billion annualized run rate.
• Visa recorded a 50% increase in settlement volume compared to the previous quarter.
• The newly added networks include Base, Polygon, Canton Network, Circle’s Arc, and Tempo.
• Visa said the multichain approach allows partners to settle transactions in near real time using stablecoins.

---

Visa expanded its stablecoin settlement pilot to five new blockchains as annualized volume reached $7 billion. The payments company reported a 50% increase from the previous quarter and confirmed broader multichain coverage. The program allows issuers and acquirers to settle transactions using stablecoins instead of traditional banking systems.

Visa Adds Five Blockchains to Stablecoin Pilot

Visa confirmed that its settlement pilot now operates across nine blockchain networks. The newly supported networks include Coinbase’s Base, Polygon, Canton Network, Circle’s Arc, and Stripe-backed Tempo. These platforms join Ethereum, Solana, Avalanche, and Stellar, which Visa integrated earlier.

The company said the pilot enables partners to complete settlements with stablecoins rather than bank transfers. As a result, participants can move funds using blockchain-based dollars in near real time. Visa stated that this structure reduces delays linked to traditional cross-border banking systems.

Visa reported that the program’s annualized run rate reached $7 billion. The company said this figure marks a 50% increase compared to the prior quarter. It confirmed that issuers and acquirers use the pilot for live settlement activity.

Multichain Strategy Supports Global Stablecoin Payments

Visa said it adopted a multichain approach to meet partner demand. The company explained that partners operate across several blockchain ecosystems. Therefore, Visa aims to provide a unified settlement layer across supported networks.

“Our partners are building in a multi-chain world, and they expect their options to reflect that reality,” said Rubail Birwadker. He serves as Visa’s global head of growth products and strategic partnerships. He said expanding to more blockchains allows partners to choose networks that match their needs.

Birwadker added that Visa will maintain a common settlement layer across all integrated networks. He said this structure gives partners access to different liquidity pools without added complexity. Visa stated that the expansion aligns with growing stablecoin adoption in global payments.

The company said stablecoins, which track fiat currencies, now play a larger role in cross-border transfers. Visa has tested stablecoin settlements tied to card programs in more than 50 countries. These pilots include USDC-linked transactions for select partners.

Visa explained that blockchain-based settlement reduces the time required to move funds. Instead of waiting days for banking processes, partners can settle transactions almost instantly. The company confirmed it will continue expanding its stablecoin settlement pilot as partners adopt more blockchain networks.

TLDR

• Nigel Farage faces a parliamentary standards probe over a $6.7 million gift from Christopher Harborne.
• The Conservatives asked the Parliamentary Standards Commissioner to review the source and use of the funds.
• Labour also questioned whether Farage properly declared the payment under House of Commons rules.
• Farage said the gift was personal and intended to keep him safe and secure after past attacks.
• Reform UK stated that the payment was declared and fell under the exemption for personal gifts.

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Nigel Farage faces a parliamentary standards review over a $6.7 million gift from crypto investor Christopher Harborne. The Conservatives asked the Parliamentary Standards Commissioner to assess whether the payment breached Commons rules. Labour also questioned the timing of the funds before Farage announced his Clacton candidacy.

Nigel Farage Questioned Over Pre-election Payment Disclosure

The Guardian reported that Harborne transferred about £5 million to Farage in 2024. The payment occurred before Farage declared his candidacy for the Clacton seat. He won the constituency in July after announcing his run in early June.

Farage confirmed the gift in an interview with the Daily Telegraph. He said the funds aimed to keep him “safe and secure for the rest of my life.” He linked the payment to a 2019 milkshake incident and a firebomb attack last year.

A Reform UK spokesman described the transfer as a “personal unconditional gift.” The spokesman said Farage made his decision to stand as an MP independently. He also stated, “We are confident everything has been declared in accordance with the rules.”

The Commons code requires new MPs to register benefits received within 12 months before election. It also states members should register any benefit if doubt exists. Reform UK argues that the payment qualifies for the exemption covering purely personal gifts.

The Conservative Party wrote to Commissioner Daniel Greenberg requesting an inquiry. It asked whether any funds supported political activity rather than security. Labour chair Anna Turley said Farage “appears to have broken the rules again.”

Crypto Donations and Investment Links Draw Attention

Harborne previously donated £9 million to Reform UK in late 2023. Records describe it as the largest single donation from a living person to a U.K. party. Harborne holds a 12% stake in stablecoin issuer Tether.

BitMEX co-founder Ben Delo also backed Reform UK with £4 million this year. He disclosed the contribution in a published opinion piece. The combined crypto-linked donations placed Reform under scrutiny.

The U.K. government imposed an immediate moratorium on crypto political donations in March. Officials cited the Rycroft review, which warned digital assets could channel foreign funds into politics. The ban covers donations of any size and includes criminal penalties.

Lawmakers plan to embed the restriction within the Representation of the People Bill. Authorities said they acted to protect electoral integrity. The rules apply to all parties and all digital asset contributions.

In the same month, Farage invested £215,000 in Stack BTC. The London-listed bitcoin treasury company counts former Chancellor Kwasi Kwarteng as chair. Farage acquired a 6.31% stake through his vehicle, Thorn In The Side.

Gibraltar has introduced legislation that would legally recognize tokenized fund shares and allow certain regulated funds to issue shares on distributed ledger systems, granting investors the same rights as traditional shareholdings.

The Protected Cell Companies (Amendment) Bill 2026 states that “the holder of a share token is a shareholder with the same rights and obligations as any other holder of cell shares,” referring to shares linked to specific asset pools within a protected cell company.

Protected cell companies, typically insurance or financial entities, have a core organization that is linked to several independent cells, each with its own balance sheet.

The proposal, which requires approval from the Gibraltar Financial Services Commission, applies to protected cell companies operating as experienced investor funds. Ownership records must be maintained on blockchain-based share registers, with tokenized shares legally equivalent to traditional certificates.

Source: Gibraltarlaws.gov.gi

The framework sets strict rules for custody and transfers, limiting access to verified investors and allow-listed wallet addresses while requiring disclosures on technology risks, cybersecurity and recovery procedures. 

Companies must retain control over the underlying infrastructure, keeping the system within a regulated environment rather than an open, permissionless market.

Under the proposal, tokenized shares can be issued and transferred using smart contracts and cryptographic signatures, with blockchain records recognized as valid instruments for ownership, transfer and recordkeeping under existing company law.

The bill must now proceed through Gibraltar’s legislative process before taking effect.

Related: ECB backs tokenized EU capital markets with strict guardrails

Tokenized assets move from pilots to regulated markets

Governments and financial institutions are integrating tokenized assets into regulated financial systems, developing legal frameworks and market infrastructure for blockchain-based securities.

Switzerland was among the earliest jurisdictions to bring tokenized assets under existing financial law, with its regulator approving a crypto fund in 2021 for qualified investors. In 2025, the country expanded that framework by licensing its first distributed ledger technologies (DLT) trading facility, enabling tokenized securities to be traded and settled on regulated infrastructure.

In 2022, Singapore launched Project Guardian to test tokenized assets in wholesale markets, while Hong Kong has issued and expanded a program of tokenized government bonds since 2023.

Source: www.hkma.gov

In 2024, the World Bank issued a Swiss franc digital bond on Switzerland’s SIX Digital Exchange with settlement using central bank digital currency.

Most recently, in March, Canada completed a pilot that issued and settled its first tokenized bond on distributed ledger infrastructure.

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Crypto exchange Bullish has expanded its integration with Ripple Prime to give institutional clients direct access to Bitcoin options trading, adding to existing spot, perpetual and futures connectivity through the platform’s prime brokerage network.

The integration connects Ripple Prime users to Bullish’s regulated Bitcoin (BTC) options markets, allowing trades to be funded through existing sub-accounts without additional onboarding, with stablecoins such as Ripple USD (RLUSD) supported as collateral.

RLUSD is a US dollar-pegged stablecoin designed for payments, settlement and use as collateral in digital asset markets. It has a market capitalization of about $1.57 billion, according to DeFiLlama data.

Ripple USD market cap. Source: DefiLlama

The companies said they plan to support cross-venue margin access, which would allow institutions to manage collateral across exchanges and OTC desks from a single account to improve capital efficiency.

Ripple Prime is the company’s institutional prime brokerage platform, formed after its $1.25 billion acquisition of crypto prime broker Hidden Road in 2025. It offers multi-asset brokerage, clearing and financing services and cleared more than $3 trillion in volume in 2025, according to the announcement.

Bullish said its Bitcoin (BTC) options venue ranks among the largest by open interest for crypto-settled contracts. The integration is now live, allowing Ripple Prime clients to begin accessing options markets immediately.

Shares of Bullish have declined sharply over the past year, falling more than 60% from their peak in September and trading around $36.58 at the time of writing. The stock was down roughly 8% in early trading on the day, per Yahoo Finance data.

Source: Yahoo Finance

Related: Bitcoin rally falters as AI industry weakens and CLARITY Act approval odds fall

Bitcoin options gain traction as institutions seek risk management tools

Bitcoin’s volatility has made options, which give traders the right to buy or sell an asset at a set price, an increasingly important tool for hedging and trading price swings.

In August 2025, Coinbase finalized its acquisition of Deribit, bringing the largest crypto options venue under its umbrella as part of a broader push to offer spot, futures and options trading on a single platform. 

Some corporate Bitcoin holders are also beginning to move beyond passive exposure toward more active risk management using derivatives.

Last week, Nakamoto, a Nasdaq-listed company focused on building a Bitcoin treasury strategy, said it has been running an actively managed derivatives program since early 2026, using BTC as collateral for options-based strategies designed to generate income from volatility while hedging downside risk.

Over the past year, Bitcoin options markets have remained consistently large, with total open interest standing at about $32.8 billion as of late April 2026, up slightly from roughly $30.8 billion a year earlier and peaking above $50 billion during periods of heightened activity, according to CoinGlass data.

Total Bitcoin options open interest. Source: CoinGlass

Trading is heavily concentrated on Deribit, which accounts for the majority of Bitcoin options open interest, while smaller shares are distributed across venues including CME Group, OKX, Binance and Bybit.

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