Tether International has bought SoftBank’s entire stake in Bitcoin-focused Twenty One Capital, tightening its grip on the company and triggering the exit of SoftBank’s representatives from the board.
The deal, carried out under existing shareholder agreements, sent Twenty One Capital’s shares up 5.6% to $8.05 in pre-market trading.
Larger stake, clearer control
Regulatory filings show SoftBank transferred 89,106,748 Class A shares directly to Tether. The move consolidates control under a single dominant shareholder and simplifies the company’s governance structure.
SoftBank’s departure ends two years of direct involvement with the firm, which it backed at an early stage. Control now shifts decisively to Tether, which is steering an ambitious restructuring around Bitcoin-related businesses.
Second-largest public Bitcoin holder
Twenty One Capital holds 43,514 BTC, valued at roughly $33.7 billion, making it the second-largest public company holder of Bitcoin. It trails only Strategy, which owns 843,738 BTC, estimated at $65.3 billion.
Originally founded in 2025 by Jack Mallers, Twenty One Capital attracted early backing from SoftBank, Tether and Cantor Fitzgerald. SoftBank’s role during the formative phase centered on bringing institutional expertise to the venture.
Three-way merger plan in focus
In April 2026, Tether outlined plans to merge Twenty One Capital with Strike’s digital financial platform and Bitcoin mining firm Elektron Energy. SoftBank’s exit is described as a “critical first step” toward that integration.
The proposed combination aims to create a vertically integrated, publicly traded Bitcoin conglomerate by:
- linking Twenty One Capital’s large Bitcoin treasury
- adding Strike’s global financial services infrastructure
- incorporating Elektron Energy’s industrial-scale mining operations
The strategy is designed to move the firm from being primarily a holder of Bitcoin to a diversified operating business with multiple revenue streams.
Elektron Energy’s mining scale
Elektron Energy brings significant mining capacity to the proposed group. The company manages roughly 50 exahashes per second of hash rate, representing about 5% of the entire Bitcoin network’s processing power.
The operation has already produced more than 5,500 BTC, signaling a track record of consistent asset generation and positioning mining as a potentially meaningful profit center within the combined entity.
Strike’s global network and recurring revenue
Strike, also founded by Mallers, operates a digital financial services platform with a presence in over 100 countries. Its inclusion is expected to add:
- recurring revenue from payment and financial services
- a global distribution network for new Bitcoin-linked products
- infrastructure to connect the firm’s Bitcoin balance sheet with real-world financial use cases
Together, these elements are intended to transform the business into a more stable, cash-generating platform rather than a pure play on Bitcoin’s price volatility.
Sign of market maturation
The restructuring reflects a broader shift in the digital asset sector toward building sustainable, operating companies rather than simple asset-holding vehicles.
By combining:
- a substantial Bitcoin treasury
- infrastructure-level mining operations
- global financial services
the new structure could offer public-market exposure to Bitcoin with added diversification through operating income.
What traders will watch next
Attention now turns to how effectively Tether and Twenty One Capital execute the complex merger and integration plan. Key areas to monitor include:
- profitability and efficiency of Elektron Energy’s mining operations
- revenue growth and margins in Strike’s financial services business
- the interaction between Bitcoin price movements and the group’s operating performance
With Bitcoin trading in a range near $76,000 to $80,000, valuations of related public companies may increasingly hinge on their ability to generate predictable cash flow, not just on the value of Bitcoin they hold.
If the new entity can deliver stable earnings from mining and financial services, it could establish a different basis for market valuation in the coming weeks and months.
Want to understand how such moves reshape crypto? Explore Toobit Academy’s guide on digital assets and why they matter.
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