Tether acquires SoftBank's stake in Twenty One Capital as share price jumps 5%

Tether International has acquired SoftBank's stake in Twenty One Capital (XXI), the controlling shareholder announced Wednesday.

SoftBank's representatives stepped down from Twenty One's board of directors upon closing of the transaction in accordance with the firm's shareholder agreement, according to Tether.

"This transaction reflects the continued development of XXI as the company builds on its foundation and advances its long-term Bitcoin strategy," Tether said in a statement. "Tether's increased commitment reflects its conviction that XXI represents one of the most important opportunities to build a public company around Bitcoin from the ground up."

Twenty One Capital's shares are up 5.6% to $8.05 in pre-market trading on Wednesday following the news, per TradingView.

Merger plans

SoftBank Group was among the initial backers, including Tether and Cantor Fitzgerald, when Strike founder Jack Mallers was announced as the new venture's CEO in April 2025.

"SoftBank's involvement gave XXI the kind of institutional depth that few early-stage companies ever have," Tether CEO Paolo Ardoino said on Wednesday. "Its 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."

Last month, Tether proposed a multi-step plan to merge Twenty One with Strike's bitcoin financial services platform and bitcoin miner Elektron Energy.

Twenty One is the second-largest public company holder of bitcoin, with 43,514 BTC ($33.7 billion), according to The Block's Bitcoin Treasury Tracker, behind only Michael Saylor's Strategy, with 843,738 BTC ($65.3 billion).