Tether has acquired SoftBank Group’s stake in Twenty One Capital, the Bitcoin treasury company that is expanding into lending, mining and capital markets services, in a move that gives the stablecoin issuer greater control over one of the largest publicly traded Bitcoin holders.
In an announcement on Wednesday, Tether said it purchased SoftBank’s roughly 26% stake for an undisclosed amount. SoftBank was one of the earliest backers of Twenty One Capital, which launched in 2025 as a Bitcoin (BTC) treasury company backed by Cantor Fitzgerald and led by Jack Mallers.
Neither controlling shareholder Tether nor Twenty One Capital disclosed the size of Tether’s stake. As part of the ownership change, SoftBank’s representatives will step down from Twenty One Capital’s board of directors.
The transaction further consolidates ownership under Tether, which deepens the stablecoin issuer’s influence over the company’s strategy and governance.
The ownership changes come as publicly traded Bitcoin treasury companies face greater pressure during periods of market weakness. When Bitcoin prices fall, the value of their core asset declines, reducing net asset value and making it more difficult to raise fresh capital without diluting existing shareholders.
Twenty One Capital’s Bitcoin treasury is worth roughly $3.34 billion. Source: BitcoinTreasuries.NET
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Twenty One Capital shares rise but volatility remains
Separately, Twenty One Capital outlined plans to move beyond a pure Bitcoin treasury model and become a broader Bitcoin-focused financial services company. It intends to combine its treasury operations with Bitcoin lending, mining and capital markets activities
Shares of Twenty One Capital were up 4% at last look on Wednesday morning following the news.
Twenty One Capital’s stock performance. Source: Yahoo Finance
Today’s gains clawed back some of the 37% decline investors have seen since XXI stock began trading on the New York Stock Exchange in December following its business combination with Cantor Equity Partners.
Earlier developments had already pointed to possible changes at the company. As Cointelegraph reported in April, Tether said it intended to vote in favor of a proposed merger between Twenty One Capital and Mallers’ Bitcoin payments company Strike. The plan also contemplated merging the combined entity with Bitcoin miner Elektron Energy.
Related: Crypto Biz: Bitcoin treasuries break ranks as BTC dips below $70K
