In a move that reshapes the corporate Bitcoin landscape, Tether International has purchased SoftBank’s entire equity position in Twenty One Capital, effectively assuming sole control over the public Bitcoin treasury firm co-founded by Jack Mallers. The transaction, disclosed on May 20, eliminates what was the last major outside ownership bloc in Twenty One's founding three-party structure. Per the company’s shareholder agreement, SoftBank’s board members stepped down immediately upon closing. Financial terms were not revealed.
A Major Shift in Ownership
Twenty One Capital first emerged in April 2025 through a business combination with Cantor Equity Partners. At launch, the company was backed by three founding sponsors: Tether, SoftBank, and Bitfinex. Each contributed Bitcoin in exchange for shares priced at $10 each. Initial plans called for Tether to contribute roughly 24,000 BTC, SoftBank 10,500 BTC, and Bitfinex about 7,000 BTC. Combined, the vehicle debuted with more than 42,000 BTC — enough to rank as the world’s third-largest corporate Bitcoin treasury at the time. The implied enterprise value was $3.6 billion, based on an 84-day average Bitcoin reference price.
Before its public listing, Tether added another 4,812 BTC (worth approximately $458.7 million) to Twenty One’s treasury, pushing its own holdings to 36,312 BTC. With SoftBank now out of the picture, Twenty One transitions from a coalition-controlled entity to, in practical terms, Tether’s public Bitcoin operating arm. The structural shift is significant: a company once supported by three institutional pillars now rests almost entirely on Tether’s balance sheet and strategic direction.
The Founding Three-Party Structure
The original partnership was designed to pool resources from three major players in the cryptocurrency ecosystem. Tether, the largest stablecoin issuer, brought deep capital reserves; SoftBank added a global venture perspective; and Bitfinex contributed exchange liquidity and operational expertise. Their combined Bitcoin holdings made Twenty One an instant heavyweight. Yet the arrangement also meant that strategic decisions required alignment among three distinct stakeholders.
What the Buyout Means
Tether CEO Paolo Ardoino acknowledged SoftBank’s role in shaping the company’s early development but described the buyout as the start of a new chapter. “They leave behind a company with a stronger foundation, a clearer mandate, and an ambitious path ahead,” he stated. Without SoftBank’s influence, Tether can now steer Twenty One more directly — with implications for future mergers, treasury management, and the company’s overall mission.
Beyond a Simple Bitcoin Treasury
Tether’s vision for Twenty One extends well beyond accumulating Bitcoin on a balance sheet. In April 2025, the company proposed merging Twenty One with Strike — Jack Mallers’ Bitcoin payments platform — and Elektron Energy, a Bitcoin mining operation. The proposed combination would unite a Bitcoin treasury, a payments and financial services layer, and mining infrastructure under one corporate umbrella. That would transform Twenty One from a simple balance-sheet play into an integrated Bitcoin holding company, capable of generating revenue from multiple segments of the Bitcoin economy.
Proposed Merger with Strike and Elektron Energy
If approved, the merger would create a vertically integrated structure. Strike brings a widely used Bitcoin payments app with millions of users; Elektron Energy adds a mining operation that can produce new Bitcoin while also providing energy grid services. Together with Twenty One’s existing treasury, the combined entity could manage the full lifecycle of Bitcoin — from mining to custody to spending. The proposal signals Tether’s intent to build a comprehensive Bitcoin ecosystem under the Twenty One brand.
New Performance Metrics
Twenty One has positioned itself as a direct alternative to Michael Saylor’s Strategy (formerly MicroStrategy). Rather than reporting conventional earnings benchmarks, the company uses Bitcoin-specific metrics like Bitcoin Per Share and Bitcoin Return Rate. These measures are designed to let investors track how the company’s Bitcoin holdings grow on a per-share basis over time. The shift in ownership to Tether may accelerate this approach, as Tether itself has long championed Bitcoin as a reserve asset and encourages transparent Bitcoin accounting.
With SoftBank’s exit, Twenty One is now firmly in Tether’s hands. The immediate focus appears to be on completing the proposed merger and scaling the Bitcoin treasury further. But longer term, the company may serve as a template for how a stablecoin issuer can expand into Bitcoin-first corporate structures — potentially influencing how other public companies manage digital assets. For now, the Bitcoin community watches closely as Tether takes the helm of one of the most prominent public Bitcoin vehicles to emerge in the past year.