Tether Acquires SoftBank's Stake in Bitcoin Company Twenty One Capital
Twenty One Capital was established on March 7, 2025, with backing from Tether, Bitfinex and SoftBank. Positioned as a public company centered on a Bitcoin treasury, it also plans to expand into financial services, lending and mining. As of March 31, 2026, it held 43,514 Bitcoin with a fair value of about $2.952 billion, making control of the company consequential for its asset allocation and expansion strategy.
Tether International and SoftBank signed a purchase agreement on May 15, 2026. The transfer of SoftBank's 89,106,748 Class A common shares in Twenty One Capital, representing about 26%, was completed on May 19 for an undisclosed amount. Following the May 20 announcement, SoftBank's two board representatives resigned, and the existing shareholder governance agreement was terminated as part of the transaction.
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The history behind this eventTether Proposes Merger of Twenty One Capital, Strike and Elektron Energy
Twenty One Capital (XXI) is a publicly traded Bitcoin treasury company controlled by stablecoin issuer Tether. Strike provides payment, trading and lending services, while Elektron Energy operates large-scale mining facilities. Combining the three would bring Bitcoin holdings, financial services and mining cash flow under a single listed structure, reducing reliance on Bitcoin prices and asset premiums alone.
Tether Investments said on April 29, 2026, that as XXI’s majority shareholder it would support a merger between XXI and Strike, followed by the addition of Elektron Energy. The transaction value was not disclosed. Elektron manages about 50 EH/s, equivalent to roughly 5% of the Bitcoin network’s total hashrate. XXI closed that day at $7.83, climbed as high as $9.28 after hours and was later quoted at $8.35.
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