Tether Acquires SoftBank’s Stake in Twenty One Capital

Tether has officially acquired SoftBank’s entire stake in Twenty One Capital (NYSE: XXI), strengthening its control over one of the world’s largest public Bitcoin treasury firms. The deal, announced on May 20, 2026, removes SoftBank from the company’s board and reinforces Tether’s long-term commitment to Bitcoin-focused infrastructure and institutional crypto adoption.

Twenty One Capital launched in December 2025 through a SPAC merger with Cantor Equity Partners. At launch, the company held more than 43,500 BTC, valued at nearly $4 billion at the time, making it the third-largest corporate Bitcoin holder globally. Tether and Bitfinex contributed the majority of the Bitcoin reserves, while SoftBank held a minority position tied to roughly 10,500 BTC.

SoftBank played an important role during the early development of Twenty One Capital. Its reputation in global technology investing helped the company attract institutional attention and establish strategic direction during its first months as a public company. With the latest acquisition finalized, Tether now becomes the dominant shareholder with full operational control.

Tether CEO Paolo Ardoino said the company’s confidence in XXI continues to grow, adding that SoftBank helped create a stronger foundation and clearer vision for the Bitcoin treasury company.

The acquisition follows Tether’s earlier proposal to merge Twenty One Capital with Jack Mallers’ Strike platform and Elektron Energy. The potential merger would create a vertically integrated Bitcoin business focused on treasury management, Bitcoin mining, lending services, and broader financial infrastructure.

XXI continues to focus on increasing Bitcoin per share (BPS) through aggressive BTC accumulation, capital market strategies, and ecosystem expansion. Unlike other corporate Bitcoin treasury firms, Twenty One Capital positions itself as a more operational and Bitcoin-native enterprise.

Investors are now closely watching future Bitcoin purchases, fundraising activity, and updates surrounding the proposed merger plans. With Tether fully aligned behind XXI, the company appears positioned for accelerated growth as institutional Bitcoin adoption continues expanding worldwide.