Tether Acquires SoftBank Stake in Bitcoin-Focused Treasury Company XXI

Twenty One Capital holds 43,514 BTC, making it the second-largest public Bitcoin holder, far behind Strategy’s massive treasury lead.

Tether International has announced acquiring Japanese multinational investment firm SoftBank’s minority stake in the Bitcoin-focused treasury company, Twenty One Capital (XXI).

At the closing of the transaction, SoftBank’s representatives on the XXI Board of Directors stepped down in line with the shareholder agreement.

Tether Absorbs SoftBank Position

In its official blog post, Tether stated that the transaction “reflects the continued development of XXI as the company builds on its foundation and advances its long-term Bitcoin strategy.” With the transaction finalized, SoftBank’s role in governance has now concluded.

Commenting on the latest development, Tether CEO Paolo Ardoino said,

“SoftBank’s involvement gave XXI the kind of institutional depth that few early-stage companies ever have. Their experience backing some of the most consequential technology companies in the world brought credibility, perspective, and discipline to XXI during a critical period of formation. They leave behind a company with a stronger foundation, a clearer mandate, and an ambitious path ahead. Tether’s conviction in XXI has only deepened, and we look forward to building on that foundation as the company enters its next chapter.”

In April 2025, Twenty One Capital was launched 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, alongside SoftBank Group and Cantor Fitzgerald as initial investors. It was disclosed that the company would begin with about $3.6 billion in Bitcoin held in its treasury. SoftBank was included as a minority stakeholder at formation, while Tether held controlling ownership.

Twenty One Capital went public in December of the same year through a SPAC merger in New York.

Merger Proposal

Last month, Tether put forward a multi-step plan involving Twenty One Capital, which included merging the company first with Strike. After that initial step, the plan proposes a second stage where the combined entity would then merge with the bitcoin mining company Elektron Energy.