Tether has bought out SoftBank's stake in Twenty One, the Bitcoin treasury firm co-founded by Tether itself. The deal gives the stablecoin issuer full control of the company. SoftBank had previously invested nearly $1 billion in Twenty One.
SoftBank's billion-dollar bet
SoftBank's investment in Twenty One was one of the largest corporate bets on a Bitcoin-focused firm. The Japanese conglomerate put in close to $1 billion, backing a company built to hold and manage Bitcoin on corporate balance sheets. Twenty One was co-founded by Tether, meaning the stablecoin issuer already had a seat at the table.
Why Tether bought the stake back
Tether didn't say why it decided to buy out SoftBank, but the move hands the company complete ownership. Twenty One is structured as a Bitcoin treasury — essentially a firm that holds Bitcoin as its primary reserve asset. With Tether now in full control, the stablecoin issuer can steer the treasury strategy directly, without an outside investor's influence.
What happens to the nearly $1 billion
SoftBank's exit means Tether had to pay up — likely a significant sum, though the exact price wasn't disclosed. The original investment was nearly $1 billion, so the buyout was probably in that ballpark. Tether has deep pockets from its stablecoin operations, but it's still a big cash outlay.
Tether now owns the Bitcoin treasury firm it helped create. That gives it a tool for managing its own Bitcoin reserves — Tether has been accumulating Bitcoin for its reserve portfolio. Twenty One could also serve other corporate clients. But for now, the deal is about control. The question is what Tether does with it next.
