Tether International has acquired SoftBank's entire stake in Twenty One Capital, ending the Japanese investor's role in the Bitcoin (BTC) treasury firm.
Tether Consolidates XXI Control
The stablecoin issuer disclosed the transaction on Wednesday, with SoftBank's representatives resigning from the Twenty One board at closing under the company's shareholder agreement. Financial terms were not made public. Tether did not say what it paid.
Twenty One Capital, which trades on the NYSE under the ticker XXI, debuted in December 2025 through a SPAC merger with Cantor Equity Partners.
The company launched with more than 43,500 BTC, valued at roughly $4 billion at the time, ranking as the third-largest corporate Bitcoin holder.
SoftBank had contributed about 10,500 BTC to the founding structure, with Tether and Bitfinex supplying the bulk of the reserves. The Japanese conglomerate's exit leaves Tether as the uncontested controlling shareholder.
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Ardoino Signals Next Phase
Paolo Ardoino, Tether's chief executive, credited SoftBank for lending early credibility but cast the buyout as a fresh start. He said the firm leaves behind a company with "a stronger foundation, a clearer mandate, and an ambitious path ahead."
The exit reshapes XXI's ownership and governance, removing one of three founding sponsors that had backed the venture led by Strike chief executive Jack Mallers.
Markets received the news cautiously.
XXI shares climbed 3.15% to $7.86 in pre-market trading on Wednesday, though the stock has shed 84% over the trailing year and now carries a market capitalization of $2.64 billion.
Bitcoin Strategy Beyond Treasury
The deal arrives weeks after Tether proposed folding Twenty One together with Strike and mining firm Elektron Energy under a single holding company.
The combination would bundle a Bitcoin treasury, a payments platform, and mining infrastructure into one publicly traded entity. Tether's full control could accelerate that pivot.
Twenty One has positioned itself as a counter to Michael Saylor's Strategy, tracking Bitcoin Per Share and Bitcoin Return Rate rather than standard earnings figures. The framing presents the company as a vehicle for direct Bitcoin exposure.
Twenty One's first months on public markets have been turbulent.
Shares plunged 19% on the December debut and have not recovered, with profitability remaining distant amid losses of $4.42 per share over the most recent twelve months.
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