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Galaxy Says Tether-Backed XXI Merger Could Rival Strategy in Bitcoin
Galaxy Research head Alex Thorn said Tether-backed Twenty One Capital’s proposed merger with Strike and Elektron Energy could create Strategy’s closest Bitcoin public-company rival, with XXI already holding 43,514 BTC. Strike would add brokerage, custody, and Bitcoin-backed lending in more than 100 countries. Galaxy also said related-party ties and Swan litigation could complicate approval of the deal.