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Beincrypto
Galaxy Says XXI Owned by Jack Mallers Could Compete with MicroStrategy After Proposed Merger Tether
May 1, 2026, 10:22 PM GMT+7

BTCUSD
+2.63%

USDTUSD
+0.05%
Galaxy Research Head, Alex Thorn, states that the merger plan between Twenty One Capital (XXI), Strike, and Elektron Energy will make XXI the second most influential publicly traded Bitcoin company after MicroStrategy.

Majority shareholder of XXI, Tether Investments, announced this week that they will support the company merger with Bitcoin financial services provider Strike, which will be followed by a merger with mining operator Elektron Energy.

Galaxy Places XXI as MicroStrategy’s Closest Rival

XXI already holds 43,514 Bitcoin
BTCUSD
, making it the second-largest publicly traded Bitcoin holder after MicroStrategy.
Strike offers brokerage, custody, and loan services based on Bitcoin in over 100 countries. Meanwhile, Elektron Energy contributes approximately 50 EH/s of hashrate, about 5% of the Bitcoin network, with production costs reportedly below US$60,000 per coin.

In Galaxy Research’s weekly summary on May 1, Thorn assessed that this combined entity will have something MicroStrategy does not.

“The combined XXI/Strike/Electron… has the potential to become the largest Bitcoin-only publicly traded company besides Strategy, and unlike Strategy, they will have significant operational cash flow alongside their treasury,” Thorn explained.
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