Tether Takes Full Control of Twenty One Capital (XXI) After Buying SoftBank Stake

Tether International has acquired SoftBank’s entire stake in Twenty One Capital (NYSE: XXI), tightening its grip on one of the largest public Bitcoin treasuries.

Announced May 20, 2026, the deal removes SoftBank’s board seats and signals deeper conviction in XXI as a Bitcoin-native powerhouse.

Tether Takes Full Control of XXI, Buys SoftBank Stake

Twenty One Capital launched in December 2025 via SPAC merger with Cantor Equity Partners. It debuted with over 43,500 BTC, roughly $4 billion at the time, ranking as the third-largest corporate Bitcoin holder.

Tether and Bitfinex supplied the majority, with SoftBank contributing a significant minority stake equivalent to about 10,500 BTC.

SoftBank brought credibility and discipline during XXI’s formative phase. Its experience backing transformative tech firms helped shape strategy and attract institutional attention.

With the buyout complete, Tether now holds uncontested control as majority shareholder.

“Tether’s conviction in XXI has only deepened,” said Paolo Ardoino, Tether CEO. “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.”

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The move comes months after Tether proposed merging XXI with Jack Mallers’ Strike platform and Elektron Energy.

The three-way combination aims to create an integrated Bitcoin company spanning treasury accumulation, mining, lending, and financial services.

Market Context and Investor Focus

XXI’s strategy centers on maximizing Bitcoin per share (BPS) through aggressive accumulation, capital markets tools, and ecosystem building.

While pure treasury plays like MicroStrategy dominate headlines, XXI positions itself as more operational and Bitcoin-native. Shares have experienced typical volatility tied to BTC price action since listing.

Tether’s latest action reinforces its massive Bitcoin holdings and long-term bet on BTC infrastructure.

As the world’s largest stablecoin issuer, Tether continues leveraging its balance sheet to expand influence in public Bitcoin markets.

What’s Next for XXI?

Investors will watch for updates on the proposed mergers, future BTC purchases, and capital raises.

With Tether fully aligned, XXI gains streamlined governance to execute its ambitious roadmap.

The coming months could see accelerated growth in holdings and operational milestones as Bitcoin adoption deepens among corporations.

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