Tether has acquired SoftBank Group’s stake in Twenty One Capital, the Bitcoin treasury company expanding into lending, mining, and capital markets services. The move gives the stablecoin issuer greater control over one of the largest publicly traded Bitcoin holders.
In an announcement Wednesday, Tether said it purchased SoftBank’s roughly 26% stake for an undisclosed amount. SoftBank was an early backer of Twenty One Capital, which launched in 2025 as a Bitcoin treasury company backed by Cantor Fitzgerald and led by Jack Mallers.
Neither Tether nor Twenty One Capital disclosed the size of Tether's stake. As part of the ownership change, SoftBank’s representatives will step down from the board.
Twenty One Capital’s Bitcoin treasury is worth roughly $3.34 billion.
Twenty One Capital outlined plans to move beyond a pure Bitcoin treasury model into lending, mining, and capital markets. Shares rose 4% Wednesday but remain down 37% since listing on the NYSE in December.
Earlier this year, Tether signaled support for a proposed merger between Twenty One Capital, Strike, and Bitcoin miner Elektron Energy.