Tether has acquired SoftBank’s entire stake in Twenty One Capital, increasing its ownership in the Bitcoin treasury company. The transaction appeared in a recent SEC filing and marks a major shift in the firm’s shareholder structure. As a result, SoftBank has exited the company completely, while Tether has strengthened its influence over the NYSE-listed Bitcoin-focused business.
The ownership change became public through an 8-K filing submitted to the U.S. Securities and Exchange Commission. The filing confirmed that SoftBank sold its full position in Twenty One Capital to Tether International.
At the same time, Tether issued its own statement. The company described the acquisition as a stronger commitment to Twenty One Capital and a move to deepen its role in the company’s future direction. Before the deal, Tether already held a major stake in the firm. In December, it owned 45.1% of Twenty One Capital’s Class A stock and 51.3% of its Class B shares.
SoftBank, by comparison, held 25% of Class A stock and 29.2% of Class B shares. Those Class B shares carried greater voting power, which gave both firms strong influence. Now, that balance has changed. Tether moves into a larger ownership position after SoftBank’s complete departure.
SoftBank’s exit also triggered board-level changes at Twenty One Capital. According to Wednesday’s filing, SoftBank requested the resignation of partners serving on the company’s board and committee roles.
One departing partner served on the audit committee. That departure temporarily left the committee without enough independent members under NYSE requirements. As a result, Twenty One Capital said it plans to appoint a qualified replacement ‘as soon as practicable.’
The filing also revealed another structural change. SoftBank’s Class B shares were canceled as part of the transaction. For now, the company has not announced any immediate leadership or operational changes.
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Twenty One Capital operates as a Bitcoin treasury company. It holds Bitcoin as a core balance-sheet asset and has built its business around that strategy. Current disclosures do not indicate changes to that model. The company has not announced any adjustment to management or its Bitcoin acquisition plans.
Still, market participants will watch future filings closely. Updated ownership disclosures will provide a clearer picture of the company’s revised shareholder structure. Investors will also monitor whether Tether uses its expanded stake to influence future Bitcoin purchases or broader strategy.
The transaction arrives as institutional interest in Bitcoin treasury models continues to grow. Across both traditional finance and crypto markets, more firms are exploring direct Bitcoin exposure through corporate holdings. Tether’s move places a stablecoin issuer deeper inside that trend. Meanwhile, SoftBank’s full exit closes its chapter in Twenty One Capital without any public explanation for the sale.
Tether’s acquisition of SoftBank’s full stake in Twenty One Capital marks a major ownership shift in the Bitcoin treasury firm. The deal increases Tether’s influence, while SoftBank exits completely. Future filings will show whether the expanded stake leads to any governance or strategy changes.