Tether Buys SoftBank Stake in Twenty One Capital
Tether acquired SoftBank equity stake in Twenty One Capital on May 20, 2026, increasing control over the NYSE-listed company that holds about 43,514 BTC (≈$3.4B).
Tether International acquired SoftBank’s equity stake in Twenty One Capital, the NYSE-listed bitcoin treasury company, the firms announced May 20, 2026. Twenty One Capital trades under the ticker XXI and holds about 43,514 BTC, valued at roughly $3.4 billion at current exchange rates.
Under the shareholder agreement, SoftBank’s sale prompted the exit of its board representatives from Twenty One Capital. The companies did not disclose financial terms for the transaction. Twenty One Capital launched in December 2025 through a SPAC merger with Cantor Equity Partners and is headquartered in Austin, Texas.
Tether was a majority co-founder of Twenty One Capital alongside Cantor Fitzgerald. The additional stake increases Tether’s ownership concentration in the company and raises its level of influence over the public bitcoin treasury vehicle.
Paolo Ardoino, Tether’s chief executive, described SoftBank’s involvement as having provided “the kind of institutional depth that few early-stage companies ever have.” He said SoftBank left XXI “with a stronger foundation, a clearer mandate, and an ambitious path ahead.”
Jack Mallers, CEO and co-founder of Twenty One Capital and founder of the Strike payments app, has positioned XXI as a vehicle to maximize bitcoin ownership per share. The company reports a metric called bitcoin per share to track its accumulation strategy.
Twenty One Capital has discussed vertical integration plans, including proposals to merge with Strike and with bitcoin miner Elektron Energy. The firm also operates education and media units aimed at building bitcoin literacy among institutional and retail investors and launched with a reported staff of about three full-time employees.
Since its December 2025 debut, Twenty One Capital’s market capitalization has ranged between roughly $3 billion and $5 billion, moving with bitcoin’s price and market sentiment. Tether did not provide further details on how the acquisition will affect day-to-day operations or governance, and no purchase price was disclosed.
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