On May 20, Tether International announced on its official website that it has officially acquired all shares of Twenty One Capital held by Japan’s SoftBank group. Twenty One Capital currently holds about 43,514 BTC (about $3.4 billion), making it the second-largest bitcoin holder among publicly listed companies.
Evolution of Twenty One Capital’s Shareholding Structure and Its SPAC Origins
Twenty One Capital was listed in April 2025 after completing a business merger with Cantor Equity Partners. Three founding institutions (Tether, SoftBank, Bitfinex) exchanged the bitcoin they held for shares, jointly forming the initial shareholder structure. At the time of listing, the company was expected to hold more than 42,000 BTC, with the goal of becoming a publicly listed company centered on bitcoin reserves. In terms of its model, it is similar to Strategy’s path of building a bitcoin assets-and-liabilities balance sheet in public capital markets.
In this acquisition, Tether bought the 26% stake held by SoftBank, completing a substantive reorganization of the founding shareholder structure: SoftBank formally exited, and its board seats were subsequently removed; Tether and Bitfinex became XXI’s main controlling shareholders, with Tether rising to an absolute dominant position. This also means that XXI’s strategic decision-making shifts from tri-party co-governance to being led by Tether.
Twenty One’s Bitcoin Finance Integration Blueprint: Confirmed Strategic Directions
According to Twenty One Capital’s public strategy statements, the company’s business objectives are not limited to bitcoin treasury management. Instead, it aims to build a bitcoin-native vertically integrated financial platform covering bitcoin reserves, financial services, mining, lending, capital markets, and strategic mergers and acquisitions. The integration proposals already confirmed include potential mergers with Strike, a bitcoin payments company under Jack Mallers, and potential integration with bitcoin mining operator Elektron Energy to build full-stack bitcoin financial capabilities from mining, payments to capital markets. Tether’s direct involvement and Bitfinex’s technical background also provide potential integrated resources for stablecoin liquidity management and crypto trading infrastructure for XXI.
FAQ
What specific financial terms of Tether’s acquisition of SoftBank’s stake were not disclosed?
Tether’s official announcement confirmed that the deal has been completed, but did not disclose the acquisition price, payment method, or transaction valuation. This is common in privately negotiated transfers of shares between shareholders, particularly when the seller (SoftBank) chooses to complete the transfer by exiting via agreement rather than selling in the public market, with no mandatory information disclosure trigger. The only confirmed figure is that SoftBank held about 26% of XXI’s listed shares.
How large is Twenty One Capital’s current bitcoin holdings compared with other publicly listed companies?
As of May 2026, Twenty One Capital holds about 43,514 BTC (about $3.4 billion), making it the second-largest bitcoin holder among publicly listed companies. Strategy (formerly MicroStrategy) holds about 843,738 BTC, far exceeding all other publicly listed companies. Among publicly listed companies that hold thousands to tens of thousands of BTC, such as Canaan, Marathon, Riot, and Coinbase, XXI ranks second. Tether itself directly holds more than 100k BTC, but since Tether is a private company, it is not included in the rankings of publicly listed companies’ holdings.
What confirmed specific governance impacts does SoftBank’s exit from its 26% stake have on XXI?
SoftBank board representation exited Twenty One Capital’s board following the completion of this transaction. In terms of ownership and governance, SoftBank’s exit eliminates the tri-party co-governance structure, and formal board decision-making authority shifts to Tether. On the financial side, after the 26% stake changes hands, XXI’s shareholder structure becomes more concentrated. Tether’s shareholder identity upgrades from a co-founding investor to an absolute controlling party. XXI’s strategic direction being consistent with Tether’s broader bitcoin ecosystem layout is expected to be further strengthened.
