Tether International now fully controls Twenty One Capital after acquiring SoftBank's equity stake. The move ends SoftBank's governance role and positions Tether to advance its multi-stage merger plan for the firm holding 43,514 BTC. This is the second-largest public Bitcoin holdings position globally.
SoftBank's Exit From Governance
SoftBank board representatives stepped down immediately following the stake acquisition. The Japanese conglomerate had been an initial investor alongside Tether, Bitfinex and Cantor Fitzgerald when XXI launched in April 2025 with $3.6 billion in Bitcoin reserves. Their departure leaves Tether as the sole controlling shareholder.
Bitcoin Positioning
XXI's 43,514 Bitcoin holding makes it the world's second-largest public company holder. Only Strategy, led by Michael Saylor, holds more at 843,738 BTC. The firm went public via NYSE SPAC merger in December 2025 and has maintained its Bitcoin reserves since launch.
Mergers in Motion
Tether proposed a multi-stage merger plan earlier this year featuring XXI merging first with Strike, then with bitcoin miner Elektron Energy. With full control now secured, Tether can set the timeline for the initial XXI-Strike combination. The plan preserves the NYSE listing through the transition.
Next Steps for Shareholders
XXI shareholders will vote on the Strike merger in the coming weeks. The acquisition of SoftBank's stake gives Tether decisive influence over that vote. No specific deadline has been set but Tether executives indicated the process would move quickly now that governance questions are resolved.
