Tether, the company behind the stablecoin USDT (USDT-USD), has officially taken full control of Twenty One Capital (XXI) by purchasing the entire stake previously held by SoftBank (SFTBY). This move changes the company’s leadership structure, as SoftBank’s representatives are stepping down from their board seats. This deal shows investors that Tether is going all-in on Twenty One Capital, with the goal of turning the firm into a major powerhouse dedicated entirely to Bitcoin (BTC-USD). XXI stock popped 4% in early trading on the news.
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Twenty One Capital Grows its Roots
Twenty One Capital first entered the public market in December 2025 following a merger. Since its debut, the company has made a name for itself as one of the world’s largest corporate holders of Bitcoin, starting with over 43,500 BTC in its treasury. While Tether and Bitfinex provided the bulk of the initial backing, SoftBank held a minority stake worth about 10,500 BTC.
SoftBank provided important discipline and institutional credibility during the company’s early months. However, Tether’s CEO, Paolo Ardoino, noted that the change in ownership reflects a shift toward a more focused future. Ardoino explained that SoftBank helped build a strong foundation, but Tether’s internal belief in the potential of Twenty One Capital has grown significantly, leading them to consolidate control.
Goal Is to Transform Twenty One Capital into a Bitcoin Services Provider
This buyout is the latest step in a larger plan to transform Twenty One Capital into a one-stop shop for Bitcoin services. Tether has previously suggested merging the company with other platforms, such as Strike and Elektron Energy. If these plans move forward, the combined entity would handle everything from storing Bitcoin and mining it to providing loans and other financial services.
Twenty One Capital operates differently than other firms that just buy and hold Bitcoin. Its main goal is to increase the amount of Bitcoin owned per share through active management and building out a larger Bitcoin-focused ecosystem. With Tether now holding total control, the company expects to streamline its decision-making process to move faster on these growth plans. Investors are now paying close attention to how quickly the firm can expand its holdings and whether the proposed mergers will officially take place.