Tether appears to be tightening its position within the rapidly growing Bitcoin treasury sector. The stablecoin firm reported that it had acquired Japanese investment bank giant SoftBank’s stake in Twenty One Capital.
Reports have emerged that the stablecoin firm bought Japanese investment giant SoftBank out of Twenty One Capital, the Bitcoin treasury firm co-founded by Tether.
Details of the Deal
The ownership reshuffle comes shortly after SoftBank reportedly committed nearly $1 billion to the venture. Twenty One Capital currently controls approximately 43,514 BTC, making it one of the larger institutional Bitcoin treasury firms in the market today. At current Bitcoin prices, the treasury is worth about $3.4 billion. That figure is well below its October peak at $5.4 billion when Bitcoin traded much higher.
The SEC filing that detailed the sale revealed that Tether purchased approximately 89.1 million shares previously held by Japanese investment giant SoftBank. Although the exact terms of the buyout remain undisclosed, reports suggest SoftBank likely took a major loss on the investment. With each share currently trading at $7.98, the total valuation of the acquired Twenty One Capital shares stands at $7.11 million. Tether Strengthens Its Grip on XXI
The latest transaction significantly expands Tether’s majority ownership in the company. Back in December, Tether owned approximately 45.1% of Twenty One Capital’s Class A shares and 51.3% of the firm’s Class B shares, which carry enhanced voting power. Meanwhile, SoftBank controlled roughly 25% of Class A shares and 29.2% of Class B shares.
According to the latest filing, SoftBank’s Class B shares have now been canceled entirely. The filing also disclosed that SoftBank requested the resignation of partners serving on Twenty One Capital’s board and committees. One departing member previously served on the company’s audit committee, temporarily leaving the subgroup below NYSE independence requirements.
Twenty One Capital stated that it plans to appoint a replacement audit committee member as soon as practicable. Tether CEO Paolo Ardoino described SoftBank’s early involvement as important for establishing credibility around the venture.
Twenty One Capital’s Bitcoin Treasury Strategy
Twenty One Capital launched as a Bitcoin treasury-focused company backed by several major financial players, including Tether, SoftBank, and Cantor Fitzgerald affiliates. With more than 43,514 BTC now under management, Twenty One Capital has quickly become one of the largest Bitcoin treasury entities globally.
The rise of firms like Twenty One Capital reflects the broader institutional shift taking place across crypto markets. Corporations and financial institutions now treat Bitcoin as a strategic reserve asset. That trend accelerated over the past year as ETFs, treasury firms, and public companies continue accumulating large amounts of BTC.
Tether’s SoftBank buyout signals the firm’s growing ambitions beyond the stablecoin sector. Best known as the issuer of USDT, the world’s largest stablecoin, the company has steadily expanded into mining, treasury management, and infrastructure investments.
At the same time, Tether continues to build one of the largest reserve structures in crypto markets. The company already controls massive holdings across U.S. Treasury bills, gold, and Bitcoin reserves. Twenty One Capital now gives Tether another direct vehicle for institutional Bitcoin accumulation.
Temitope Olajide
