SoftBank exits Tether-backed Twenty One after stock falls 84%

SoftBank has sold its stake in Jack Mallers-led Twenty One Capital to Tether, according to the stablecoin giant.

Twenty One Capital (also known as XXI) is a bitcoin (BTC) treasury firm that was founded with Tether providing the BTC and getting the controlling share, SoftBank purchasing a stake from Tether, and the entity being publicly listed by utilizing a reverse merger with a Cantor Fitzgerald-affiliated special purpose acquisition company.

Tether’s announcement details how it has “acquired SoftBank’s stake in XXI,” which it claims “reflects the continued development of XXI.”

Read more: How Tether-backed Twenty One plans to rival MicroStrategy

The combined firm was first listed on December 9, 2025.

Since then, the price of the stock has fallen by 23%, from approximately $10.74 to $7.85.

However, the peak for this stock came after the announcement and before the merger, when it reached a peak value of approximately $49.62 on May 21.

The price has fallen approximately 84% since this peak.

Despite these travails for the equity of this firm, Tether chief executive Paolo Ardoino said, “Tether’s conviction in XXI has only deepened and we look forward to building on that foundation.”

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