Tether Buys SoftBank Stake in Twenty One Capital

On May 20, 2026, Tether International acquired SoftBank’s entire stake in Twenty One Capital (NYSE: XXI). The transaction removed SoftBank’s board seats and left Tether as the majority shareholder.

Twenty One Capital launched in December 2025 through a SPAC merger with Cantor Equity Partners. At listing the company held more than 43,500 BTC, roughly $4 billion at the time, placing it among the largest public corporate Bitcoin treasuries.

Tether and Bitfinex supplied the bulk of XXI’s initial treasury. SoftBank held a minority stake equivalent to about 10,500 BTC and had board representation during the company’s early phase.

Paolo Ardoino, Tether’s CEO, praised SoftBank’s role: “Tether’s conviction in XXI has only deepened. SoftBank’s involvement gave XXI the kind of institutional depth that few early-stage companies ever have. They leave behind a company with a stronger foundation, a clearer mandate, and an ambitious path ahead.”

Earlier this year Tether proposed a three-way combination of XXI with Jack Mallers’ Strike payments platform and Elektron Energy. The proposed transaction would link treasury accumulation with mining, lending and financial services. The companies have not announced final terms or a timeline.

XXI’s stated strategy focuses on maximizing Bitcoin per share through accumulation, use of capital markets tools and development of operational units around Bitcoin. Since listing, XXI stock has generally tracked Bitcoin price movements.

Tether is the issuer of the largest stablecoin by market share and has used its balance sheet to acquire stakes in public Bitcoin markets. With SoftBank’s stake now acquired, Tether holds uncontested majority control of XXI.

Investors await formal updates on the proposed merger, any planned capital raises and future Bitcoin purchases.