Tether International on Wednesday acquired SoftBank Group's entire stake in Twenty One Capital (XXI), giving the stablecoin issuer uncontested majority control of the Bitcoin accumulation firm. The deal, announced May 20, also includes a proposal to merge XXI with Jack Mallers' Strike platform and Elektron Energy into a single Bitcoin ecosystem. Tether now holds the keys to a company that launched just five months ago with 43,500 BTC — roughly $4 billion at the time.
How Tether grabbed the reins
SoftBank contributed about 10,500 BTC to XXI's initial treasury when the company formed via a SPAC merger with Cantor Equity Partners in December 2025. That stake made the Japanese conglomerate a significant minority holder. Now Tether has bought those shares outright, securing a majority that SoftBank no longer holds any position in XXI. The price wasn't disclosed, but the move hands Tether operational control without the need to negotiate with other large shareholders.
XXI's Bitcoin-first playbook
Twenty One Capital's strategy was always straightforward: maximize Bitcoin per share. The company uses aggressive accumulation, capital markets tools like convertibles and ATM offerings, and runs Bitcoin-native services to generate yield. Under SoftBank's partial ownership, XXI had some room to maneuver, but Tether's full control likely means a more aggressive push. The firm's December debut with 43,500 BTC was one of the largest corporate Bitcoin treasuries at launch, and the new majority owner may look to expand that number rapidly.
The proposed three-way tie-up
Tether isn't stopping at just owning XXI. It's proposed a three-way merger between XXI, Strike — Jack Mallers' payments platform — and Elektron Energy, an energy firm focused on Bitcoin mining. The idea: weave together Bitcoin accumulation, payment infrastructure, and energy production into one integrated ecosystem. Mallers hasn't publicly commented on the proposal, and the details remain thin. But the logic is clear: Tether wants to control the full stack, from mining power to treasury management to consumer payments.
What comes next
The merger proposal still needs approvals from the respective boards and likely regulators, but Tether's new majority stake in XXI gives it a powerful seat at the table. For SoftBank, the exit marks a quick turnaround — it held the stake for less than six months. For the rest of the market, the question is whether Tether can pull off a three-way integration without the kind of friction that usually kills such deals. The next public filing or announcement will be the first real test.
