Tether Buys SoftBank’s Entire Stake in Twenty One Capital to Bolster Bitcoin Strategy

Tether, the issuer of the USDT dollar stablecoin, has acquired all of SoftBank’s stake in Twenty One Capital, or XXI.

Tether International, a Tether unit, announced on May 20 that it had bought SoftBank’s entire holding in XXI. SoftBank-appointed directors on XXI’s board resigned after the transaction in line with a shareholder agreement.

The deal comes as XXI pursues a long-term Bitcoin strategy. Tether said it made the additional investment in XXI to seize what it described as a key opportunity to help build a Bitcoin-focused public company at an early stage.

SoftBank had been involved in XXI’s formation and early growth. Tether Chief Executive Officer Paolo Ardoino said SoftBank’s support gave XXI the institutional depth that early-stage companies often lack, adding that Tether’s conviction in XXI has grown stronger.