Tether Acquires SoftBank’s Stake in Bitcoin Firm XXI
- Tether has acquired SoftBank’s entire stake in Twenty One Capital (XXI), removing the Japanese tech giant from the venture.
- SoftBank’s shares, initially purchased for $999.3 million, were valued at $711 million during the transaction.
- The acquisition resulted in the immediate resignation of SoftBank’s board designees, affecting XXI’s compliance with NYSE rules.
- XXI owns 43,514 Bitcoin, valued at nearly $3.4 billion as of Wednesday.
Tether is consolidating control over Twenty One Capital (XXI) by acquiring SoftBank’s stake, a move that underscores Tether’s confidence in the firm co-founded with Strike CEO Jack Mallers. The acquisition led to a temporary non-compliance with NYSE rules due to board resignations.
This strategic move by Tether highlights its commitment to maintaining significant influence over XXI, despite the firm’s stock being down significantly from its peak last year. Source
