Galaxy's XXI Owned by Jack Mallers Can Rival MicroStrategy After Merger Proposed by Tether
Galaxy states that the merged XXI could compete with MicroStrategy as the second-largest public Bitcoin company.
Tether plans to combine Strike and Elektron Energy into XXI under one Public Crypto Vehicle on the NYSE.
The combined company will hold 43,514 BTC and around 50 EH/s mining capacity.
Galaxy Research head, Alex Thorn, conveyed that the merger plans between Twenty One Capital (XXI), Strike, and Elektron Energy will make XXI the most influential public Bitcoin company after MicroStrategy.
The majority shareholder of XXI, Tether Investments, stated this week that they will support the merger with Bitcoin financial services company, Strike, which will be followed by the merger 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 holder of Bitcoin after MicroStrategy.
It has the potential to become the largest publicly traded Bitcoin-only company besides Strategy, and unlike Strategy, they will have significant operational cash flow alongside their treasury,” explained Thorn.
Regarding Related Party Relationships and the Swan Lawsuit Looming Over the Deal
Galaxy highlights governance hurdles. Jack Mallers serves as CEO at both XXI and Strike, while Tether holds the majority shares in both XXI and Elektron.
Thorn mentioned that the board may need a special committee, fair value opinions, and a majority vote from minority shareholders.
Galaxy states that the merged XXI could compete with MicroStrategy as the second-largest public Bitcoin company.
Tether plans to combine Strike and Elektron Energy into XXI under one Public Crypto Vehicle on the NYSE.
The combined company will hold 43,514 BTC and around 50 EH/s mining capacity.
Galaxy Research head, Alex Thorn, conveyed that the merger plans between Twenty One Capital (XXI), Strike, and Elektron Energy will make XXI the most influential public Bitcoin company after MicroStrategy.
The majority shareholder of XXI, Tether Investments, stated this week that they will support the merger with Bitcoin financial services company, Strike, which will be followed by the merger 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 holder of Bitcoin after MicroStrategy.
It has the potential to become the largest publicly traded Bitcoin-only company besides Strategy, and unlike Strategy, they will have significant operational cash flow alongside their treasury,” explained Thorn.
Regarding Related Party Relationships and the Swan Lawsuit Looming Over the Deal
Galaxy highlights governance hurdles. Jack Mallers serves as CEO at both XXI and Strike, while Tether holds the majority shares in both XXI and Elektron.
Thorn mentioned that the board may need a special committee, fair value opinions, and a majority vote from minority shareholders.