TheBlock
Tether International has acquired SoftBank's stake in Twenty One Capital (XXI), the controlling shareholder announced Wednesday, deepening its grip on the Bitcoin-native public vehicle Jack Mallers was tapped to lead a year ago. SoftBank's representatives stepped down from Twenty One's board at closing in accordance with the firm's shareholder agreement, leaving Tether as the controlling shareholder alongside co-backers Cantor Fitzgerald and other early backers.
Tether framed the move as a long-term bet on Bitcoin: the firm said the acquisition "reflects its conviction that XXI represents one of the most important opportunities to build a public company around Bitcoin from the ground up." CEO Paolo Ardoino added that "SoftBank's involvement gave XXI the kind of institutional depth that few early-stage companies ever have" and credited the Japanese conglomerate with bringing "credibility, perspective, and discipline" during the venture's formation.
Why it matters
The deal collapses Twenty One Capital's cap table into a tighter, more crypto-aligned ownership structure at exactly the moment the company is consolidating. Last month Tether proposed a multi-step merger combining Twenty One with Strike's Bitcoin financial-services platform and Bitcoin miner Elektron Energy — a transaction this stake acquisition arguably simplifies by removing SoftBank as a future consent holder.
For Tether, the move also signals continued capital deployment into the Bitcoin treasury space beyond its own balance sheet, where it is already one of the largest holders. For the broader public-BTC-treasury sector, Tether tightening control of the second-largest corporate holder concentrates governance in crypto-native hands at a time when Michael Saylor's Strategy (843,738 BTC, $65.3B) remains the category leader by a wide margin.
Market impact
Twenty One's shares reacted immediately: XXI was up 5.6% to $8.05 in pre-market trading on Wednesday, per TradingView. That bid is the read — investors are not pricing a SoftBank exit as a credibility loss, but as Tether consolidating conviction around the Bitcoin thesis.
Frequently asked questions
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What did Tether actually acquire from SoftBank?
Tether International acquired SoftBank's full stake in Twenty One Capital (XXI), the Bitcoin-native public vehicle. SoftBank's board representatives stepped down at closing per the firm's shareholder agreement, leaving Tether as the controlling shareholder alongside Cantor Fitzgerald.
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How much Bitcoin does Twenty One Capital hold?
Twenty One Capital holds 43,514 BTC, valued at roughly $33.7 billion per The Block's Bitcoin Treasury Tracker. That makes it the second-largest public corporate Bitcoin holder, behind only Michael Saylor's Strategy, which holds 843,738 BTC (~$65.3B).
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Why is Tether consolidating Twenty One Capital now?
The SoftBank buyout comes roughly a month after Tether proposed a multi-step merger combining Twenty One with Strike's Bitcoin financial-services platform and Bitcoin miner Elektron Energy. Removing SoftBank from the cap table simplifies the consent structure ahead of that consolidation.
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How did the market react to the Tether-SoftBank deal?
XXI shares jumped 5.6% to $8.05 in pre-market trading on Wednesday, per TradingView. The bid suggests investors read the consolidation as Tether deepening its Bitcoin conviction rather than as a SoftBank credibility loss.
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Who leads Twenty One Capital?
Strike founder Jack Mallers was announced as Twenty One Capital's CEO in April 2025. Initial backers included Tether, Cantor Fitzgerald, and SoftBank — the latter of which has now exited via the Tether acquisition.
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