Tether Acquires SoftBank Stake in Bitcoin-Focused Treasury Company XXI
Tether International has introduced buying Japanese multinational funding agency SoftBank’s minority stake in the Bitcoin-focused treasury firm, 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 settlement.
Tether Absorbs SoftBank Position
In its official weblog publish, Tether stated that the transaction “displays the continued improvement of XXI as the corporate builds on its basis and advances its long-term Bitcoin technique.” With the transaction finalized, SoftBank’s position in governance has now concluded.
Commenting on the most recent improvement, Tether CEO Paolo Ardoino stated,
“SoftBank’s involvement gave XXI the sort of institutional depth that few early-stage firms ever have. Their expertise backing among the most consequential expertise firms in the world introduced credibility, perspective, and self-discipline to XXI throughout a essential interval of formation. They go away behind an organization with a stronger basis, a clearer mandate, and an bold path forward. Tether’s conviction in XXI has solely deepened, and we stay up for constructing on that basis as the corporate enters its subsequent chapter.”
In April 2025, Twenty One Capital was launched as a brand new crypto enterprise with Strike founder Jack Mallers named as CEO. The firm was backed at launch by Tether International and Bitfinex as majority house owners, alongside SoftBank Group and Cantor Fitzgerald as preliminary buyers. It was disclosed that the corporate would start with about $3.6 billion in Bitcoin held in its treasury. SoftBank was included as a minority stakeholder at formation, whereas Tether held controlling possession.
Twenty One Capital went public in December of the identical 12 months via a SPAC merger in New York.
Merger Proposal
Last month, Tether put ahead a multi-step plan involving Twenty One Capital, which included merging the corporate first with Strike. After that preliminary step, the plan proposes a second stage the place the mixed entity would then merge with the bitcoin mining firm Elektron Energy.
Meanwhile, in accordance with the most recent information, Twenty One Capital is at the moment the second-largest public firm holder of Bitcoin, with 43,514 BTC. It trails Michael Saylor-led enterprise intelligence agency, Strategy, which holds 843,738 BTC.
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