Tether buys SoftBank’s stake in Twenty One Capital, gaining full

Tether International bought out SoftBank’s entire holding in Twenty One Capital (XXI) on May 20, removing the Japanese tech giant from the joint venture and leaving Tether as the dominant owner. The deal transferred 89.1 million shares—SoftBank’s full stake—back to Tether, a move disclosed in an SEC filing and confirmed by a Tether press release [3].

The transaction ends the three‑party structure that launched XXI in April 2025, when Tether, SoftBank and Bitfinex each contributed Bitcoin in exchange for $10‑priced shares. At inception the firm was expected to hold about 42,000 BTC, enough to rank as the world’s third‑largest corporate Bitcoin treasury with an implied enterprise value of $3.6 billion [1]. Tether later added another 4,812 BTC, bringing its own contribution to roughly 36,300 BTC before the buyout [1].

SoftBank’s exit trims its roughly 26% ownership of publicly listed shares, which Bloomberg valued at about $679 million, though the exact sale price was not disclosed [2]. The share price of XXI rose about 5% on the day, lifting its market cap to $5.2 billion, yet the stock remains down more than 80% from its peak a year earlier [3]. The departure also forced SoftBank’s board representatives to resign, temporarily putting the company out of compliance with NYSE audit‑committee rules [3].

Tether frames the buyout as a “new phase” for XXI, emphasizing a stronger foundation and a clearer mandate for its Bitcoin strategy [1][2]. CEO Paolo Ardoino noted SoftBank’s early role in providing institutional depth, but said the firm will now build on that foundation. Beyond holding Bitcoin, Tether has floated a plan to merge XXI with Strike—Jack Mallers’ payments platform—and Elektron Energy, a mining operation, potentially turning the vehicle into an integrated Bitcoin holding company that spans treasury, payments and mining [1][4].

The consolidation gives Tether near‑total control over a public Bitcoin treasury at a time when many similar firms have stalled or shut down, and while the broader corporate crypto market remains muted, with middle‑market firms using stablecoins for payments rather than treasury purposes [2]. Whether Tether can revive XXI’s growth and execute the proposed mergers will determine if the firm can reclaim its earlier prominence or become a largely symbolic extension of Tether’s balance sheet.