USDTether Buys SoftBank’s Stake in Twenty One Capital
Board Changes Follow Deal as Bitcoin Treasury Strategy Expands
TL;DR
- Tether International acquired SoftBank’s minority stake in Twenty One Capital.
- SoftBank’s representatives stepped down from the company’s board after the deal closed.
- Twenty One Capital holds 43,514 BTC and is described as the second-largest public company Bitcoin holder.
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Tether International acquired SoftBank’s minority stake in Twenty One Capital, also known as XXI, in a deal announced Wednesday, May 20, 2026, giving Tether a deeper position in the Bitcoin-focused treasury company.
Twenty One Capital said SoftBank’s representatives stepped down from its board of directors after the transaction closed, in line with the company’s shareholder agreement. The move ended SoftBank’s formal governance role in the business while increasing Tether’s influence over XXI’s next phase.
Tether said the acquisition “reflects the continued development of XXI as the company builds on its foundation and advances its long-term Bitcoin strategy.” The company also said its increased commitment reflects its belief that XXI is “one of the most important opportunities to build a public company around Bitcoin from the ground up.”
Tether CEO Paolo Ardoino said SoftBank’s participation gave XXI “the kind of institutional depth that few early-stage companies ever have.” Ardoino said SoftBank’s experience backing major technology companies brought “credibility, perspective, and discipline” during XXI’s formation.
Ardoino said SoftBank leaves behind “a company with a stronger foundation, a clearer mandate, and an ambitious path ahead.” He added that “Tether’s conviction in XXI has only deepened” as the company enters its next chapter.
Twenty One Capital’s Bitcoin Holdings and Public-Market Structure
Twenty One Capital was launched in April 2025 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, while SoftBank Group and Cantor Fitzgerald joined as initial investors.
SoftBank entered as a minority stakeholder at formation, while Tether already held controlling ownership before acquiring SoftBank’s position. At launch, Twenty One Capital was disclosed as starting with about $3.6 billion in Bitcoin held in its treasury.
Twenty One Capital later went public in December of the same year through a SPAC merger in New York, turning the Tether-backed Bitcoin treasury strategy into a public-market structure.
Twenty One Capital is described as the second-largest public company holder of Bitcoin, with 43,514 BTC. Strategy, led by Michael Saylor, remains ahead of Twenty One Capital with 843,738 BTC.
One source valued Twenty One Capital’s 43,514 BTC holdings at $33.7 billion, while Strategy was listed with 843,738 BTC valued at $65.3 billion. That reported dollar value for XXI was flagged as likely inconsistent with the BTC count and should be checked before publication.
Twenty One Capital shares rose 5.6% to $8.05 in pre-market trading on Wednesday after the news, giving the announcement an immediate market reaction.
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Proposed Merger Plan Points to Broader Bitcoin Strategy
Tether proposed a multi-step merger plan last month involving Twenty One Capital, Strike and Elektron Energy. The plan places the SoftBank stake acquisition alongside a wider corporate restructuring strategy.
Under the proposed plan, Twenty One Capital would first merge with Strike’s Bitcoin financial services platform. The combined entity would then merge with Elektron Energy, a Bitcoin mining company.
The proposed structure would link Bitcoin treasury holdings, Bitcoin financial services infrastructure and Bitcoin mining exposure under one broader public-market strategy.
FAQ
Who acquired SoftBank’s stake in Twenty One Capital?
Tether International acquired SoftBank’s minority stake.
Who leads Twenty One Capital?
Strike founder Jack Mallers was named CEO.
How much Bitcoin does Twenty One Capital hold?
Twenty One Capital holds 43,514 BTC.
What happened to SoftBank’s board role?
SoftBank’s representatives stepped down after the transaction closed.
This article has been refined and enhanced by ChatGPT.
