Today in crypto, Twenty One Capital moved higher in after-hours trading after Tether unveiled plans for a three-way merger involving Strike and Elektron Energy. Meanwhile, Visa expanded its stablecoin settlement pilot to include Polygon and Base—bringing the total to nine supported blockchains—and MoonPay announced a $100 million acquisition of Israeli crypto security firm Sodot as part of its push into institutional services.
Shares of Bitcoin-focused firm Twenty One Capital rose late Wednesday after its majority shareholder, Tether, said it plans to back a proposed merger with payments platform Strike, followed by a further combination with mining company Elektron Energy.
According to Tether, the deal would combine complementary strengths: Strike would bring a profitable financial services platform along with global distribution and regulatory infrastructure, while Elektron would contribute large-scale Bitcoin mining operations, deep technical expertise, and a strong execution track record.
Twenty One Capital (XXI) shares closed the regular session down 1.7% at $7.83, but surged in after-hours trading—briefly reaching $9.28—before settling at $8.35, marking a 6.6% gain after the bell.
Visa has expanded its stablecoin settlement pilot to include Polygon, Base, and three additional blockchain networks, underscoring its ongoing exploration of crypto-powered payment systems.
Originally launched in 2023, the program enables partners to settle transactions using stablecoins instead of traditional banking infrastructure. The newly added networks—Polygon, Base, Canton Network, Arc, and Tempo—join existing support for Ethereum, Solana, Stellar, and Avalanche.
Visa says the pilot has now reached an annualized settlement run rate of around $7 billion, with volumes growing roughly 50% quarter over quarter. Even so, this remains a small fraction of the company’s overall payments activity.
The initiative aims to assess whether stablecoins can deliver faster settlement times, 24/7 availability, and improved efficiency for cross-border transactions.
MoonPay is moving deeper into institutional crypto services with the acquisition of Israeli security infrastructure firm Sodot, marking a major expansion beyond its retail payments business.
The crypto payments company announced Wednesday that it has acquired Sodot and will use its key management technology as the foundation for a new institutional unit. This division will cater to financial institutions, asset managers, trading firms, and exchanges looking to enter or scale in digital asset markets.
“We built MoonPay to be the world’s leading crypto payments network,” said co-founder and CEO Ivan Soto-Wright, adding that the launch of an institutional arm represents the company’s next phase of growth.
According to Bloomberg, the deal closed in April as an all-stock transaction valued at around $100 million, though MoonPay has not publicly confirmed the details.
The acquisition highlights growing demand from traditional finance players for secure wallet and custody solutions as they expand into crypto. Leading the new unit will be Caroline Pham, who joined MoonPay in December as chief legal and administrative officer after previously serving as acting chair of the U.S. Commodity Futures Trading Commission.
