Galaxy Research head Alex Thorn said the proposed merger of Twenty One Capital (XXI), Strike, and Elektron Energy would establish XXI as the second most influential Bitcoin public company behind MicroStrategy.
Tether Investments, XXI’s majority shareholder, said this week it will vote in favor of merging the company with Bitcoin financial services firm Strike, followed by a combination with mining operator Elektron Energy.
Galaxy Positions XXI as MicroStrategy’s Closest Rival
XXI already holds 43,514 Bitcoin (BTC), making it the second-largest public corporate Bitcoin holder behind MicroStrategy.
[Top Public Companies Holding BTC]Top Public Companies Holding BTC. Source: Bitcoin Treasuries
Strike adds brokerage, custody, and Bitcoin-backed lending across more than 100 countries. Meanwhile, Elektron Energy contributes roughly 50 EH/s of hashrate, around 5% of the Bitcoin network, with production costs reportedly below $60,000 per coin.
In Galaxy Research’s May 1 weekly brief, Thorn argued the combined entity 

Galaxy Research head Alex Thorn said the proposed merger of Twenty One Capital (XXI), Strike, and Elektron Energy would establish XXI as the second most influential Bitcoin public company behind MicroStrategy.Tether Investments, XXI’s majority shareholder, said this week it will vote in favor of merging the company with Bitcoin financial services firm Strike, followed by a combination with mining operator Elektron Energy.<h2>Galaxy Positions XXI as MicroStrategy’s Closest Rival</h2>XXI already holds 43,514 Bitcoin (BTC), making it the second-largest public corporate Bitcoin holder behind MicroStrategy.<img src="https://static.fwimg.io/img/feed/cff159623f7131560f08b99b94f0d9db.jpg" alt="Top Public Companies Holding BTC">Top Public Companies Holding BTC. Source: <a href="https://bitcointreasuries.net/" rel="nofollow">Bitcoin Treasuries</a>Strike adds brokerage, custody, and Bitcoin-backed lending across more than 100 countries. Meanwhile, Elektron Energy contributes roughly 50 EH/s of hashrate, around 5% of the Bitcoin network, with production costs reportedly below $60,000 per coin.In Galaxy Research’s May 1 weekly brief, <a href="https://x.com/intangiblecoins/status/2050202827654336639" rel="nofollow">Thorn</a> argued the combined entity would have something MicroStrategy lacks.<blockquote>“A combined XXI/Strike/Elektron… would arguably become the most strategically significant publicly traded Bitcoin-only company other than Strategy, and unlike Strategy it would have meaningful operating cash flows alongside its treasury,” Thorn <a href="https://x.com/intangiblecoins/status/2050202827654336639" rel="nofollow">explained</a>.</blockquote><h2>Related-party ties and Swan litigation cloud the deal</h2>Galaxy flagged governance hurdles. <a href="https://beincrypto.com/twenty-one-capital-rocky-nyse-debut/" rel="nofollow">Jack Mallers serves as CEO of both XXI and Strike</a>, while Tether owns majority stakes in both XXI and Elektron.Thorn said the board will likely need a special committee, fairness opinions, and a majority-of-the-minority shareholder vote.Elektron CEO Raphael Zagury, recommended by Tether to serve as president of the merged company, is a defendant in parallel Swan Bitcoin suits in California and the United Kingdom.Swan alleges that Zagury and other former executives conspired with Tether in 2024 to expropriate a mining joint venture.Tether disclosed at Bitcoin 2026 that it now controls more than 140,000 BTC, signaling that XXI may serve as the US-listed face of a broader onshoring effort.

Galaxy Says Jack Mallers’ XXI Could Rival MicroStrategy After Tether’s Proposed Merger

Galaxy Research 的負責人 Alex Thorn 表示，Twenty One Capital (XXI)、Strike 和 Elektron Energy 的擬議合併將使 XXI 成為僅次於 MicroStrategy 的第二大最具影響力的比特幣上市公司。
Tether Investments（XXI 的控股股東）本週表示，將投票贊成該公司與比特幣金融服務公司 Strike 合併，隨後再與挖礦營運商 Elektron Energy 合併。
Galaxy 將 XXI 定位為 MicroStrategy 最強的競爭對手
XXI 已持有 43,514 個比特幣 (BTC)，成為僅次於 MicroStrategy 的第二大公開企業比特幣持有者。
【持有BTC的上市公司】持有BTC的上市公司。來源：比特幣國庫
Strike 在 100 多個國家/地區提供經紀、託管和比特幣抵押貸款服務。同時，Elektron Energy 貢獻了約 50 EH/s 的算力，約佔比特幣網路算力的 5%，據報道，其生產成本低於每枚coin6 萬美元。
在Galaxy Research 5月1日的周報中，索恩論證了合併後的實體 

Galaxy Research 的負責人 Alex Thorn 表示，Twenty One Capital (XXI)、Strike 和 Elektron Energy 的擬議合併將使 XXI 成為僅次於 MicroStrategy 的第二大最具影響力的比特幣上市公司。 Tether Investments（XXI 的控股股東）本週表示，將投票贊成該公司與比特幣金融服務公司 Strike 合併，隨後再與挖礦營運商 Elektron Energy 合併。<h2> Galaxy 將 XXI 定位為 MicroStrategy 最強的競爭對手</h2>XXI 已持有 43,514 個比特幣 (BTC)，成為僅次於 MicroStrategy 的第二大公開企業比特幣持有者。 <img src="https://static.fwimg.io/img/feed/cff159623f7131560f08b99b94f0d9db.jpg" alt="持有比特幣的頂級上市公司">持有BTC的頂級上市公司。來源：<a href="https://bitcointreasuries.net/" rel="nofollow">比特幣國庫</a>Strike 在 100 多個國家/地區提供經紀、託管和比特幣抵押貸款服務。同時，Elektron Energy 貢獻了約 50 EH/s 的算力，約佔比特幣網路算力的 5%，據報道，其生產成本低於每枚coin6 萬美元。在 Galaxy Research 5 月 1 日的每週簡報中， <a href="https://x.com/intangiblecoins/status/2050202827654336639" rel="nofollow">Thorn</a>認為合併後的實體將擁有 MicroStrategy 所缺乏的東西。<blockquote> Thorn<a href="https://x.com/intangiblecoins/status/2050202827654336639" rel="nofollow">解釋說：</a> “如果將XXI/Strike/Elektron合併……可以說會成為除Strategy之外最具戰略意義的上市比特幣公司，而且與Strategy不同的是，它將擁有可觀的運營現金流以及充足的資金。”</blockquote><h2>關聯人關係和斯旺訴訟令這筆交易蒙上陰影。</h2> Galaxy指出存在治理方面的障礙。 Jack <a href="https://beincrypto.com/twenty-one-capital-rocky-nyse-debut/" rel="nofollow">Mallers同時擔任XXI和Strike的首席執行官</a>，而Tether持有XXI和Elektron的多數股權。索恩表示，董事會可能需要成立一個特別委員會，徵求公平意見，並獲得多數少數股東的投票支持。 Elektron 執行長 Raphael Zagury 被Tether推薦擔任合併後公司的總裁，但他同時也是加州和英國 Swan Bitcoin 訴訟案的被告。 Swan 指控 Zagury 和其他前高階主管在 2024 年與Tether合謀，企圖侵占一家礦業合資企業。 Tether在 Bitcoin 2026 大會上披露，它現在控制著超過 140,000 枚BTC，這表明 XXI 可能成為更廣泛的本土化努力在美國上市的代表。

Galaxy表示，在Tether提出合併計畫後，Jack Mallers的XXI可能與MicroStrategy匹敵。

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