Tether Acquires SoftBank Stake in Bitcoin-Focused Treasury Company XXI

Tether International has announced acquiring Japanese multinational investment firm SoftBank’s minority stake in the Bitcoin-focused treasury company, Twenty One Capital (XXI).

At the closing of the transaction, SoftBank’s representatives on the XXI Board of Directors stepped down in line with the shareholder agreement.

Tether Absorbs SoftBank Position

In its official blog post, Tether stated that the transaction “reflects the continued development of XXI as the company builds on its foundation and advances its long-term Bitcoin strategy.”  With the transaction finalized, SoftBank’s role in governance has now concluded.

Commenting on the latest development, Tether CEO Paolo Ardoino said,

In April 2025, Twenty One Capital was launched as a new crypto venture with Strike founder Jack Mallers named as CEO. The company was backed at launch by Tether International and Bitfinex as majority owners, alongside SoftBank Group and Cantor Fitzgerald as initial investors. It was disclosed that the company would begin with about $3.6 billion in Bitcoin held in its treasury. SoftBank was included as a minority stakeholder at formation, while Tether held controlling ownership.

Twenty One Capital went public in December of the same year through a SPAC merger in New York.

Merger Proposal

Last month, Tether put forward a multi-step plan involving Twenty One Capital, which included merging the company first with Strike. After that initial step, the plan proposes a second stage where the combined entity would then merge with the bitcoin mining company Elektron Energy.

Meanwhile, according to the latest data, Twenty One Capital is currently the second-largest public company holder of Bitcoin, with 43,514 BTC. It trails Michael Saylor-led business intelligence firm, Strategy, which holds 843,738 BTC.

The post Tether Acquires SoftBank Stake in Bitcoin-Focused Treasury Company XXI appeared first on CryptoPotato.