Tether has acquired SoftBank's entire stake in Twenty One Capital (XXI), a Bitcoin-buying firm co-founded by the stablecoin giant last year. According to an SEC filing, Tether purchased 89.1 million shares held by SoftBank, with the transaction likely occurring at a discount. SoftBank had invested nearly $1 billion in June 2024, but Yahoo Finance valued the stake at around $711 million on Wednesday, with shares trading at $7.98. The departure of SoftBank forced the immediate resignation of its board designees, temporarily leaving XXI non-compliant with NYSE rules due to an insufficient number of independent audit committee members. Tether CEO Paolo Ardoino highlighted that SoftBank's involvement brought institutional depth and credibility to XXI. The firm now strengthens its majority ownership of XXI, which holds 43,514 Bitcoin worth about $3.4 billion. XXI's stock price rose nearly 5% on the day to a market cap of $5.2 billion, but remains 83% below its peak of $53 in 2024.

Key facts

• Tether purchased all 89.1 million SoftBank shares in Twenty One Capital.
• SoftBank invested nearly $1 billion; stake valued at $711 million on Wednesday.
• SoftBank's exit caused board resignations, violating NYSE audit committee rules.
• XXI holds 43,514 Bitcoin, worth $3.4 billion at current prices.
• XXI stock rose 5% but remains 83% below its all-time high of $53.

KeyAudit data perspective