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Galaxy Says XXI Owned by Jack Mallers Could Compete with MicroStrategy After Proposed Merger With Tether
Galaxy Research Head Alex Thorn said that the proposed merger plan between Twenty One Capital (XXI), Strike, and Elektron Energy would make XXI the second most influential publicly traded Bitcoin company after MicroStrategy.
Majority shareholder of XXI, Tether Investments, said this week that it would back the company’s merger with Bitcoin financial services firm Strike, which would then be followed by a merger with mining operator Elektron Energy.
Galaxy Positions XXI as the Closest Rival to MicroStrategy
XXI already owns 43,514 Bitcoin
BTCUSD
, making it the second-largest publicly traded Bitcoin holder after MicroStrategy.
Strike provides brokerage, custody, and Bitcoin-based lending services in more than 100 countries. Elektron Energy, meanwhile, contributes roughly 50 EH/s of hash rate—about 5% of the Bitcoin network—with production costs reportedly below US$60,000 per coin.
In Galaxy Research’s weekly summary dated May 1, Thorn assessed that this combined entity would have something MicroStrategy does not.
“The combined XXI/Strike/Elektron… could become the largest publicly traded Bitcoin-only company besides Strategy, and unlike Strategy, they will have significant operating cash flow in addition to their treasury,” Thorn explained.
Regarding Related Parties and the Swan Lawsuit Casting a Shadow Over the Deal
Galaxy highlighted governance constraints. Jack Mallers serves as CEO at both XXI and Strike, while Tether holds majority stakes in XXI and Elektron.
Thorn said the board may need a dedicated committee, fair value opinions, and majority voting by minority shareholders.
Elektron CEO Raphael Zagury, recommended by Tether to become president of the merged company, is currently a defendant in the Swan Bitcoin case in California and England.
Swan alleges that Zagury and several former executives colluded with Tether in 2024 to control a mining joint venture.
Tether disclosed at Bitcoin 2026 that it now controls more than 140,000 BTC, indicating that XXI could become the face of a broader onshoring effort and be listed in the US.