The deal, announced on May 20, 2026, triggered the exit of Softbank’s board representatives from Twenty One Capital in accordance with the company’s shareholder agreement. No financial terms were disclosed.

Twenty One Capital trades on the New York Stock Exchange (NYSE) under the ticker XXI. It launched in December 2025 through a SPAC merger with Cantor Equity Partners and is headquartered in Austin, Texas.

The company holds roughly 43,514 BTC, valued at around $3.4 billion using current BTC exchange rates. That positions XXI as the second-largest bitcoin holder of any public company.

Tether, the world’s largest stablecoin issuer by market capitalization, was already a majority co-founder of XXI alongside Cantor Fitzgerald. The acquisition of Softbank’s position increases Tether’s ownership concentration in the company.

“Softbank’s involvement gave XXI the kind of institutional depth that few early-stage companies ever have,” said Paolo Ardoino, CEO of Tether. “Their experience backing some of the most consequential technology companies in the world brought credibility, perspective, and discipline to XXI during a critical period of formation. They leave behind a company with a stronger foundation, a clearer mandate, and an ambitious path ahead.”

Softbank, the Tokyo-based technology investment group known for backing companies across infrastructure, financial services, and communications, joined XXI at formation. The firm’s departure marks a consolidation of ownership rather than a retreat from the bitcoin treasury model broadly.

Twenty One Capital’s CEO and co-founder is Jack Mallers, a bitcoin advocate and founder of Strike, a payments application built on the Lightning Network. Mallers gained visibility for his involvement in El Salvador’s adoption of bitcoin as legal tender and has framed XXI as a vehicle for maximizing bitcoin ownership per share.

The company measures performance using a metric called bitcoin per share, positioning equity holders as indirect participants in bitcoin accumulation. XXI has also explored vertical integration, with proposals to merge with Strike and Bitcoin mining company Elektron Energy.

Beyond treasury management, XXI operates education and media arms designed to build bitcoin literacy among institutional and retail investors. The company launched with a reported staff of roughly three full-time employees.

Tether’s stated rationale for deepening its stake centers on XXI’s long-term positioning as a public company built around bitcoin from inception. The company’s market capitalization has ranged between approximately $3 billion and $5 billion since its December 2025 debut, closely tracking bitcoin’s price and broader market sentiment.

Softbank’s exit closes an early chapter for XXI while Tether moves into a stronger ownership position ahead of what the company describes as its next phase of development.

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