Tether Tightens Grip on Bitcoin Treasury Firm Twenty One With SoftBank Buyout
Tether has acquired 89.1 million shares of Twenty One Capital (XXI) from SoftBank, consolidating its control over the Bitcoin-buying firm. This purchase represents SoftBank’s entire stake in XXI. SoftBank initially paid nearly $1 billion for its holding, but likely took a significant loss, as its stake was recently valued at $711 million. XXI’s shares briefly rose nearly 5% after the news but remain down 83% from their peak last year. Tether now increases its majority ownership, emphasizing its commitment to XXI, which it co-founded alongside Strike CEO Jack Mallers. XXI currently holds 43,514 Bitcoin, worth $3.4 billion at current prices, although its holdings’ value peaked at $5.4 billion last October. Following the transaction, SoftBank’s representatives resigned from XXI’s board and committees, leaving the audit committee temporarily understaffed. SoftBank’s Class B shares were canceled, and XXI plans to appoint a new independent audit committee member soon.
