Tether International has acquired SoftBank's stake in Twenty One Capital, tightening its control over one of the largest public Bitcoin treasury companies and removing a major early-stage backer from the board. SoftBank's representatives stepped down from Twenty One's board of directors after the transaction closed, in line with the company's shareholder agreement, according to Tether's Wednesday announcement. The terms of the stake purchase were not disclosed. Twenty One is the second-largest public company holder of Bitcoin, with 43,514 BTC worth approximately $33.7 billion according to The Block's Bitcoin Treasury Tracker. The transaction reflects Tether's increased commitment as Twenty One builds a public-market vehicle around Bitcoin ownership, financial services, and related operating businesses.
Why Tether Increased Its Commitment to Twenty One
Tether framed the acquisition as part of Twenty One's continued development. "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 shares rose 5.6% to $8.05 in pre-market trading Wednesday after the announcement, according to TradingView.
Tether CEO Paolo Ardoino credited SoftBank with providing early institutional support. "SoftBank's involvement gave XXI the kind of institutional depth that few early-stage companies ever have," Ardoino said. "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."
What SoftBank's Exit Changes
SoftBank was one of the initial backers of Twenty One, alongside Tether and Cantor Fitzgerald, when Strike founder Jack Mallers was announced as CEO in April 2025. Its exit removes a high-profile institutional investor from the board, but the board change leaves Twenty One more closely aligned with Tether's Bitcoin-focused strategy. The shift reduces the mix of large strategic shareholders involved in the company's next stage as Twenty One pursues a broader merger plan and attempts to differentiate itself from other public Bitcoin treasury companies.
The Proposed Merger Strategy
The stake purchase comes after Tether proposed a multi-step plan last month to merge Twenty One with Strike's Bitcoin financial services platform and Bitcoin miner Elektron Energy. That plan would combine Bitcoin holdings, payments infrastructure, and mining exposure under one public-company structure.
For Twenty One, the proposed combination would move the company beyond a pure treasury model. By adding operating businesses, Twenty One would present itself as more than a passive holder of Bitcoin. The strategy places the company in closer comparison with Strategy, the largest public corporate holder of Bitcoin. Strategy holds 843,738 BTC worth approximately $65.3 billion, according to The Block's Bitcoin Treasury Tracker.
Market Implications
Tether's deeper involvement gives Twenty One a stronger link to one of the most profitable and influential firms in the crypto market. A public company built around Bitcoin from inception requires more than a large treasury; it requires governance, financing discipline, custody controls, investor communications, and a clear plan for how operating businesses support the balance sheet.
SoftBank's exit may simplify control, but it also removes a global technology investor from the boardroom. The next test for Twenty One will be whether the proposed merger with Strike and Elektron Energy advances and whether the market treats the company as a differentiated Bitcoin platform rather than another balance sheet proxy for BTC.
