Tether bought out SoftBank’s stake in Twenty One Capital, deepening its commitment to the Bitcoin treasury firm.
Bitcoin News
Tether International has acquired the entirety of SoftBank's stake in Twenty One Capital (XXI), the Bitcoin (BTC) treasury firm the stablecoin issuer co-founded alongside Strike CEO Jack Mallers in April 2025.
Tether confirmed the transaction on May 20 in a statement and a US Securities and Exchange Commission (SEC) filing.
SoftBank originally paid $999.3 million for its position in XXI under an agreement established in June 2025. The Japanese firm's stake was recently valued at around $711 million, with shares trading at $7.98, according to Yahoo Finance. The transaction's exact financial terms were not disclosed.
SoftBank Exits the Board
SoftBank's representatives stepped down from Twenty One's board of directors upon the transaction’s closing, in line with the firm's shareholder agreement. One of the departing partners had served on XXI's audit committee, leaving the subgroup with fewer independent members than NYSE rules require. XXI said in its filing that it plans to appoint an additional qualifying member to the committee "as soon as practicable."
In December 2025, Tether and SoftBank held 45.1% and 25% of XXI's Class A stock, respectively. Tether also controlled 51.3% of XXI's Class B stock, which carries outsized voting power, while SoftBank held 29.2% of that share class. SoftBank's Class B shares have since been canceled following the buyout.
XXI's stock rose nearly 5.6% to $8.05 in pre-market trading on May 20 following the announcement. Despite the single-session gain, shares remained down 83% from a peak of $53 reached before the company completed its merger with a blank check firm created by Cantor Fitzgerald.
Tether Deepens BTC Treasury Commitment
Tether said its increased stake reflects its conviction that XXI represents "one of the most important opportunities to build a public company around Bitcoin from the ground up." Tether CEO Paolo Ardoino credited SoftBank for providing institutional depth during the company's formative period. "They leave behind a company with a stronger foundation, a clearer mandate, and an ambitious path ahead," Ardoino said.
Twenty One currently holds 43,514 BTC, making it the second-largest public company holder of BTC by volume, behind only Strategy with 843,738 BTC, according to The Block's Bitcoin Treasury Tracker. As BTC traded near $77,470 on May 20, XXI's stockpile was valued at approximately $3.4 billion, down from a peak of $5.4 billion in October 2025, according to Bitcoin Treasuries data.
Last month, Tether proposed a multi-step plan to merge Twenty One with Strike's Bitcoin financial services platform and Bitcoin miner Elektron Energy. XXI has not disclosed a new BTC purchase in over nine months.
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