Oh, the delicious drama unfolding in the world of cryptocurrency! Tether, that most intriguing of players, has acquired SoftBank’s entire stake in Twenty One Capital, a Bitcoin treasury company co-founded by the inimitable Jack Mallers. One can’t help but wonder what nefarious plans are afoot.
- Tether has taken control of all SoftBank’s shares in Twenty One Capital, because who needs outside influence when you’re building a Bitcoin empire?
- Twenty One Capital was launched with the backing of Tether, SoftBank, and Cantor Equity Partners – a veritable who’s who of cryptocurrency heavyweights, all clamoring to get in on the Bitcoin bonanza.
- Tether is now pushing a merger plan involving Strike and Elektron Energy, because why stop at just being a Bitcoin treasury when you can be a full-fledged financial platform?
Tether’s acquisition of SoftBank’s stake in Twenty One Capital is a bit like a game of corporate musical chairs – except instead of chairs, it’s Bitcoin, and instead of music, it’s the sound of Tether tightening its grip.
When Twenty One Capital burst onto the scene in April 2025, it was with great fanfare and a promise of over 42,000 BTC, making it the third-largest corporate Bitcoin treasury in the world. CEO Jack Mallers declared that “Markets need reliable money to measure value and allocate capital efficiently,” to which one can only respond, “Hear, hear, old chap!”
Tether CEO Paolo Ardoino chimed in, saying, “Twenty One will take a Bitcoin-first approach that aligns with our vision.” One can’t help but think that’s code for “We’re going to accumulate as much Bitcoin as possible and make a pretty penny doing it.”
Tether’s Grand Design
The SoftBank buyout is significant because it cements Tether’s control over Twenty One, turning it into a public Bitcoin operating arm. Bloomberg reported that Tether has also proposed merging Twenty One with Strike and Elektron Energy, creating a Bitcoin behemoth with a treasury, payments layer, and mining infrastructure.
This proposed merger is rather like a cryptocurrency trifecta: a treasury to hold all that lovely Bitcoin, a payments layer to facilitate transactions, and mining infrastructure to, well, mine more Bitcoin. It’s a veritable Bitcoin wonderland!
In a previous crypto.news story (one can’t help but feel that crypto.news is a font of endless fascination), Tether added 4,812 BTC worth about $458.7 million to Twenty One’s treasury. One can only assume that was just a down payment on their Bitcoin ambitions.
A Bitcoin Empire in the Making
As crypto.news so astutely pointed out, Twenty One is a direct challenge to Strategy’s corporate Bitcoin model. Jack Mallers’ brainchild is designed to be a purpose-built Bitcoin-native public market vehicle, not just a passive treasury wrapper. How quaint.
With Bitcoin at the heart of Tether’s balance sheet, payments ambitions, and public equity strategy, buying out SoftBank’s stake in Twenty One looks less like a portfolio adjustment and more like a deliberate power play. One can’t help but be reminded of the great corporate empires of yore, built on the back of innovation and a healthy dose of ambition.
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2026-05-20 16:36