Tether gains full control of XXI, plans Bitcoin expansion
6.8 Investments Tether acquired SoftBank’s stake in XXI, gaining full control and reinforcing its Bitcoin strategy. The move includes board changes and plans for expansion with Strike and Elektron Energy.
Tether International has acquired SoftBank’s entire stake in Twenty One Capital (XXI), consolidating its control over one of the largest public Bitcoin treasuries. The deal, announced on May 20, 2026, led to the resignation of SoftBank’s representatives from XXI’s board, as required by the shareholder agreement. Twenty One Capital, launched in December 2025 via a SPAC merger, debuted with over 43,500 BTC and was initially backed by Tether, SoftBank, and Cantor Equity Partners. This acquisition strengthens Tether’s position as the majority shareholder and supports its strategy to build a Bitcoin-native public company. Following the announcement, XXI’s stock rose in pre-market trading. Tether has also proposed merging XXI with Strike and Elektron Energy, signaling plans to expand beyond treasury accumulation into a broader Bitcoin financial platform. Tether aims to integrate Bitcoin treasury, financial services, mining, lending, and capital markets within a single platform.
