Strike, the Bitcoin financial services company founded by Jack Mallers—the CEO of Twenty-One Capital—operates in more than 100 countries and enables users to buy, sell, hold, transact, and borrow against Bitcoin. Mallers said this week that Strike has secured a $2.1 billion credit facility to meet lending demand.
Elektron Energy would bring significant mining infrastructure to the merger. Led by Raphael Zagury, who is recommended to serve as president of the combined entity, the company has mined more than 5,500 Bitcoin across its managed portfolio and maintains all-in production costs below $60,000 per Bitcoin.
“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 Investments wrote.
Market participants responded positively to the merger announcement, with Twenty-One (XXI) shares jumping in after-market trading, though those gains have since been largely pared. XXI was recently trading at $8.06, up about 3% from Wednesday’s closing price.
