Tether Acquires SoftBank's 26% Ownership in Bitcoin Firm Twenty One Capital
In a strategic acquisition, the stablecoin giant purchased SoftBank's quarter stake, strengthening its position in the publicly-listed Bitcoin treasury firm as it diversifies into mining, lending and financial market services.
In a strategic transaction, Tether has taken ownership of SoftBank Group's equity position in Twenty One Capital, a Bitcoin treasury firm that is broadening its operations to include mining, lending and capital markets offerings, marking a significant step that provides the stablecoin company with enhanced oversight of one of the most prominent publicly listed Bitcoin holders in the market.
According to a Wednesday statement, Tether completed the purchase of SoftBank's approximately 26% equity position, though financial terms of the deal were not made public. SoftBank had positioned itself as one of the initial investors in Twenty One Capital, a company that emerged in 2025 as a Bitcoin (BTC) treasury operation with backing from Cantor Fitzgerald and under the leadership of Jack Mallers.
The exact size of Tether's ownership stake following the acquisition has not been revealed by either Tether, now a controlling shareholder, or Twenty One Capital itself. Alongside the transfer of ownership, board members representing SoftBank will exit their positions on Twenty One Capital's board of directors.
This deal represents a further consolidation of control under Tether's ownership, which strengthens the stablecoin company's ability to shape the firm's strategic direction and corporate governance practices.
These shifts in ownership structure arrive at a time when publicly listed Bitcoin treasury firms are experiencing heightened challenges during downward market cycles. During Bitcoin price downturns, the valuation of their primary holdings decreases, which diminishes their net asset value and creates obstacles to securing additional capital without causing shareholder dilution.
Twenty One Capital shares rise but volatility remains
In a separate development, Twenty One Capital has revealed strategic plans to expand beyond its existing pure Bitcoin treasury business model, positioning itself to operate as a comprehensive Bitcoin-centric financial services enterprise. The company's vision encompasses integrating its treasury functions with operations in Bitcoin lending, mining infrastructure and capital markets services.
Twenty One Capital's stock price experienced a 4% increase as of Wednesday morning trading hours in response to the acquisition announcement.
Wednesday's positive movement recovered a portion of the steep 37% drop that shareholders have endured since XXI stock commenced trading on the New York Stock Exchange in December after completing its business combination transaction with Cantor Equity Partners.
Previous announcements had already suggested potential structural changes were on the horizon for the company. According to reporting by Cointelegraph in April, Tether disclosed its intention to cast its vote supporting a proposed combination between Twenty One Capital and Strike, the Bitcoin payments platform owned by Mallers. The proposal also included plans to integrate the resulting merged company with Elektron Energy, a Bitcoin mining operation.