Crypto
Tether Buys Out SoftBank's Stake in XXI, Takes Control of Bitcoin-Focused Firm
Tether International has taken full control of Twenty One Capital (XXI) after buying out SoftBank's entire stake in the company. This move follows a shareholder agreement that required representatives of SoftBank to resign from the XXI Board of Directors.
The acquisition shows Tether's confidence in XXI's long-term Bitcoin strategy and its potential as a public company native to Bitcoin. Paolo Ardoino, CEO of Tether, stated that SoftBank's involvement had given XXI institutional credibility and depth during a critical period of formation.
Shares of Twenty One Capital edged higher by over 2% on the news, rising to $8.07 in pre-market trading and $7.80 in early morning trade. The financial terms of the deal were not disclosed by Tether.