Stablecoin issuer Tether says it has purchased SoftBank’s holdings of Twenty One Capital (NYSE: XXI). Tether already owns shares in the firm and says this indicates a deeper commitment to the company.
In a public statement, Tether said that it is the controlling shareholder, and Softbank’s representation on the board of Twenty One Capital will exit the firm.
Twenty One Capital is accumulating Bitcoin and seeks to maximize the Bitcoin owned per share for its investors. Currently, the company holds more than 43,500 BTC. The company also aims to build lending models, yield generation, and other capital market instruments.
Twenty One Capital has a market cap of over $5 billion.
Tether has been diversifying its holdings and services in recent years to move beyond stablecoin offerings.