Tether International has acquired SoftBank’s full stake in Twenty One Capital, tightening control over the Bitcoin treasury company co-founded by Jack Mallers. The deal also comes as Tether advances a proposed merger involving Strike and Elektron Energy for expansion plans.
The acquisition removes one of Twenty One Capital’s major outside ownership blocs. It also shifts the company closer to Tether’s control as a public-market Bitcoin vehicle.
Twenty One Capital was introduced in April 2025 through a business combination with Cantor Equity Partners. At launch, the company said it expected to hold more than 42,000 BTC.
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Twenty One Capital Built Around Bitcoin Treasury Model
It would have been the third largest corporate Bitcoin treasury in the world. The company also had an implied enterprise value of $3.6 billion.
The valuation was based on a 10-day average reference price of Bitcoin of $84,863.57. The structure placed Bitcoin at the center of Twenty One Capital’s business model from the beginning.
Jack Mallers said markets need reliable money to measure value and allocate capital efficiently. Bitcoin is the answer, and Twenty One would take that answer to the public markets,” he said.
Tether CEO Paolo Ardoino also endorsed the launch. Twenty One would be going for a Bitcoin-first strategy, he said, and accumulation rather than speculation.
The SoftBank buyout now changes the company’s sponsorship structure. It marks a shift for Twenty One from a three-party backing system with Tether, SoftBank, and Bitfinex.
According to Bloomberg, Tether has made a proposal to merge Twenty One Capital with Strike and Elektron Energy. The proposal would involve establishing a wider Bitcoin-oriented group of business lines.
Tether Builds Wider Bitcoin Treasury Structure
The new company would involve a Bitcoin treasury, payment solutions, financial infrastructure, and mining. It would make Twenty One more than just a balance sheet Bitcoin play.
Tether had already added 4,812 BTC worth about $458.7 million to Twenty One’s treasury before its listing. That lifted the reported total at that stage to 36,312 BTC.
According to the earlier plans, Tether planned to put up 23,950 BTC. SoftBank was to contribute 10,500 BTC, while Bitfinex would contribute approximately 7,000 BTC.
Those Bitcoin holdings were expected to convert into shares priced at $10 each. This model was directly tied to the company’s public market structure and the Bitcoin treasury position.
Twenty One Capital has also been portrayed as a challenge to the corporate Bitcoin model of Strategy. The company planned to use Bitcoin per share and Bitcoin return rate as performance measures.
With the latest move, Tether has gained enhanced influence in the direction of Twenty One Capital. It also depicts the way the company is developing a bigger Bitcoin treasury strategy with reserves, payments, mining, and public equity markets.
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