Tether Buys SoftBank Stake, Gains Full Control of XXI

Tether International bought SoftBank’s entire stake in Twenty One Capital (NYSE: XXI), the companies announced May 20, 2026. The transaction removed SoftBank’s board seats and left Tether as the company’s uncontested majority shareholder.

Twenty One Capital began trading in December 2025 after a SPAC merger with Cantor Equity Partners. At launch the company held more than 43,500 BTC on its balance sheet, about $4 billion at the time. SoftBank contributed roughly 10,500 BTC to the initial holdings, while Tether and Bitfinex supplied the largest portions.

With SoftBank out of formal governance, Tether now controls the board and day-to-day decision making at XXI. The change consolidates voting power for a company that markets itself as a Bitcoin-native operator focused on growing Bitcoin per share through accumulation and capital markets tools.

Paolo Ardoino, Tether’s chief executive, said the firm’s confidence in XXI had increased and credited SoftBank with helping establish governance and institutional credibility during the company’s early phase. “Tether’s conviction in XXI has only deepened,” Ardoino said. “SoftBank brought institutional discipline and credibility during the early stage.”

In recent months Tether proposed combining XXI with Jack Mallers’ Strike and Elektron Energy in a three-way transaction. The proposed deal would create an integrated business covering treasury accumulation, mining, lending and financial services. With Tether holding majority control, investors will monitor progress on that proposed merger and any related approvals.

Since listing, XXI shares have moved in line with Bitcoin price swings. The company describes its strategy as operational and focused on maximizing Bitcoin held per share, distinguishing itself from firms that hold BTC mainly as a corporate treasury asset.

Tether is the issuer of the largest stablecoin and has used its balance sheet to increase its presence in public Bitcoin markets. The purchase of SoftBank’s stake raises Tether’s public-market footprint in the Bitcoin sector and aligns XXI’s governance with Tether’s broader market participation.

Market participants will watch for future Bitcoin purchases by XXI, potential capital raises to fund operational growth, and any updates on governance or strategic plans from the company.