Tether International has bought SoftBank’s small ownership share in Twenty One Capital (XXI), a company that manages Bitcoin holdings.
As part of the deal’s completion, I observed that SoftBank’s representatives on the XXI Board resigned, which was a standard procedure outlined in our shareholder agreement. It was simply a matter of following the pre-arranged terms as the transaction finalized.
Tether Absorbs SoftBank Position
Tether announced in a blog post that the recent transaction demonstrates the company’s growth and its ongoing commitment to Bitcoin. Now that the transaction is complete, SoftBank no longer has a say in how Tether is run.
Commenting on the latest development, Tether CEO Paolo Ardoino said,
SoftBank’s investment provided XXI with a level of stability and expertise that’s rare for a young company. Their experience with successful tech companies helped XXI build credibility and focus during its early stages. They’ve left the company in a strong position with a clear vision for the future. Tether remains highly confident in XXI and is excited to support its continued growth as it moves forward.
Twenty One Capital, a new cryptocurrency company, launched in April 2025 with Jack Mallers, the founder of Strike, as its CEO. The company started with a substantial $3.6 billion in Bitcoin and was primarily funded by Tether International and Bitfinex, who became the majority owners. SoftBank Group and Cantor Fitzgerald also invested early on, with SoftBank taking a minority stake and Tether maintaining controlling ownership.
Twenty One Capital went public in December of the same year through a SPAC merger in New York.
Merger Proposal
As a researcher following developments in the crypto space, I’ve been looking into Tether’s recent proposal. Essentially, they outlined a plan last month that would involve merging Twenty One Capital with Strike. If that goes through, the next step would be to combine the newly formed entity with Elektron Energy, a bitcoin mining company. It’s a multi-stage process they’ve laid out, starting with the Strike merger.
Recent data shows Twenty One Capital is now the second-biggest public company to own Bitcoin, holding 43,514 BTC. Only Strategy, led by Michael Saylor, owns more, with a total of 843,738 BTC.
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2026-05-20 19:37