Tether Acquires SoftBank Stake in Twenty One Capital as Shares Rise 5.6%

Tether International has acquired SoftBank's stake in Twenty One Capital (XXI), the controlling shareholder announced Wednesday. SoftBank's representatives stepped down from Twenty One's board of directors upon closing of the transaction in accordance with the firm's shareholder agreement. Twenty One Capital's shares rose 5.6% to $8.05 in pre-market trading on Wednesday following the news. Tether stated the transaction reflects XXI's continued development as the company advances its long-term Bitcoin strategy, with Tether's increased commitment reflecting conviction that XXI represents a significant opportunity to build a public company around Bitcoin from the ground up.

Merger Plans

SoftBank Group was among the initial backers, including Tether and Cantor Fitzgerald, when Strike founder Jack Mallers was announced as the new venture's CEO in April 2025. Tether CEO Paolo Ardoino commented that SoftBank's involvement gave XXI institutional depth and credibility during formation, noting the company now has a stronger foundation and clearer mandate.

Last month, Tether proposed a multi-step plan to merge Twenty One with Strike's bitcoin financial services platform and bitcoin miner Elektron Energy.

Bitcoin Holdings

Twenty One is the second-largest public company holder of bitcoin, with 43,514 BTC ($33.7 billion), according to The Block's Bitcoin Treasury Tracker, behind only Michael Saylor's MicroStrategy, with 843,738 BTC ($65.3 billion).