Tether becomes VCI Global’s largest shareholder after $100M deal

Under the agreement, VCI Global acquired $50 million worth of OOB through a private share issuance to the OOB Foundation. The second phase of the deal includes buying another $50 million in tokens on the secondary market after their public release. Following the transaction, Tether will become VCI Global’s largest shareholder, securing a controlling stake through its equity interest in Oobit.

Oobit chairman Moshe Shlisel said the deal represents more than a digital asset purchase – it marks a step toward integrating cryptocurrencies into the global financial system. After the acquisition, VCI Global plans to create a digital treasury to manage its crypto holdings and integrate the OOB token into its AI, fintech, and sovereign data platform divisions.

As part of the announcement, Oobit revealed a rebrand of its token – from OBT to OOB – and a migration from Ethereum to Solana, a move the company says will lower fees and improve transaction speed. The updated token is scheduled to launch on November 12, 2025.

Oobit offers a tap-to-pay crypto service that enables purchases with digital assets via POS terminals. Its investors include Solana co-founder Anatoly Yakovenko, CMCC Global, and 468 Capital.

Despite the investment activity, VCI Global’s Nasdaq shares have fallen more than 26% to $1.30, extending a monthly decline of over 65%.

Company executives said the partnership with Oobit and Tether will strengthen VCI Global’s position as a developer of infrastructure for digital payments and tokenized assets.

The deal underscores Tether’s growing reach beyond the stablecoin market, as it continues to invest in AI, blockchain, and infrastructure startups to build an ecosystem focused on technological independence.