Tether has acquired SoftBank’s entire stake in Twenty One Capital, consolidating sole control of the Bitcoin treasury company co-founded by Jack Mallers. The transaction, announced May 20, 2026, eliminates the last major outside shareholder from the three-party founding structure and positions Tether as the dominant stakeholder in what ranks as one of the largest corporate Bitcoin holding vehicles in operation.
How the Coalition Structure Unraveled
Twenty One Capital launched in April 2025 as a coalition-backed Bitcoin treasury through a business combination with Cantor Equity Partners. Three institutional sponsors seeded the company: Tether contributed 24,000 BTC, SoftBank added 10,500 BTC, and Bitfinex supplied 7,000 BTC, creating a combined treasury of over 42,000 BTC at inception. The structure mirrored a corporate governance model designed to balance institutional backing with operational independence. SoftBank board representatives have now stepped down following the stake sale, marking the end of the payments giant’s involvement in the vehicle.
Tether’s Growing Bitcoin Consolidation
Tether’s ownership now stands at 36,312 BTC following the SoftBank acquisition. Before the buyout, Tether had already added 4,812 BTC worth approximately $458.7 million to its Twenty One position, signaling aggressive accumulation ahead of the transaction close. At launch, Twenty One Capital carried an implied enterprise value of $3.6 billion based on a $10 share price, positioning it as the third-largest corporate Bitcoin treasury at inception. Paolo Ardoino, Tether CEO, stated the company now has “a stronger foundation, a clearer mandate, and an ambitious path ahead” following SoftBank’s exit.
Merger Plans Signal Strategic Pivot
In April 2026, Tether proposed merging Twenty One Capital with Strike and Elektron Energy, transforming it from a pure Bitcoin treasury into an integrated holding company spanning payments infrastructure, financial services, and Bitcoin mining. The combination would expand Twenty One’s scope beyond treasury management and position it as a vertically integrated Bitcoin operating company. Strike brings payments and financial services capabilities, while Elektron Energy adds mining operations. The proposed structure contrasts with Michael Saylor’s Strategy model, which focuses exclusively on Bitcoin accumulation and appreciation.
What Comes Next
Financial terms of the SoftBank buyout remain undisclosed. The timeline for completing the proposed Strike and Elektron Energy merger has not been announced. Bitfinex retains its 7,000 BTC stake in Twenty One, though its ownership percentage following the Tether acquisition is unclear. The consolidation leaves Tether as the controlling shareholder with authority over the company’s treasury strategy and voting structure going forward.
