Stablecoin Giant Acquires Majority Share of Japanese Conglomerate's XXI Holdings in $711 Million Deal

Tether, the company that issues the world's largest stablecoin (a digital currency pegged to the US dollar), acquired all 89.1 million shares held by SoftBank in Twenty One Capital in April 2026 for $711 million. Twenty One Capital is a Bitcoin treasury company listed on the New York Stock Exchange under the ticker symbol XXI. SoftBank, the Japanese technology investment group, contributed $600 million in Bitcoin at the company's founding in April 2025. Cryptopolitan reported SoftBank's total investment in XXI reached $999.3 million. The sale produced a net loss of approximately $288 million for SoftBank.

Bitcoin price decline reduced XXI share valueThe value of Twenty One Capital shares fell after the company listed on the NYSE in December 2025. Cryptopolitan reported that Bitcoin's price stood at approximately $77,470 on the day Tether completed the acquisition. Bitcoin is the world's largest cryptocurrency by total market value.

"SoftBank's involvement provided XXI with institutional depth that few nascent companies experience. Their expertise in supporting some of the most significant technology firms globally lent credibility, insight, and discipline to XXI during a pivotal formative phase.", April 2026. — Paolo Ardoino, CEO, Tether

Tether proposes three-way merger on 29 AprilOn 29 April 2026, Tether announced a proposal to merge Twenty One Capital with two other companies. The first is Strike, a Bitcoin payment application led by Jack Mallers, who also serves as chief executive officer (CEO) of XXI. The second is Elektron Energy, a Bitcoin mining company. Bitcoin mining is the process of using computers to verify transactions and earn new Bitcoin as a reward. According to Cryptopolitan, Elektron Energy controls approximately 5% of the global Bitcoin mining hashrate, meaning 5% of the total computing power dedicated to Bitcoin mining worldwide.

Merger requires shareholder vote to proceedThe three-way merger proposal requires approval from XXI shareholders before it can proceed. Jack Mallers holds the CEO role at both XXI and Strike simultaneously. XXI's board has identified this dual role as a conflict of interest subject to shareholder review. Strike holds a $2.1 billion credit facility, a pre-arranged borrowing agreement with lenders, as of April 2026. The combined entity would bring together Bitcoin treasury holdings, payment infrastructure, and mining operations under one NYSE-listed company. Tether proposes three-way merger on 29 AprilOn 29 April 2026, Tether announced a proposal to merge Twenty One Capital with two other companies. The first is Strike, a Bitcoin payment application led by Jack Mallers, who also serves as chief executive officer (CEO) of XXI. The second is Elektron Energy, a Bitcoin mining company. Bitcoin mining is the process of using computers to verify transactions and earn new Bitcoin as a reward. According to Cryptopolitan, Elektron Energy controls approximately 5% of the global Bitcoin mining hashrate, meaning 5% of the total computing power dedicated to Bitcoin mining worldwide.

Merger requires shareholder vote to proceedThe three-way merger proposal requires approval from XXI shareholders before it can proceed. Jack Mallers holds the CEO role at both XXI and Strike simultaneously. XXI's board has identified this dual role as a conflict of interest subject to shareholder review. Strike holds a $2.1 billion credit facility, a pre-arranged borrowing agreement with lenders, as of April 2026. The combined entity would bring together Bitcoin treasury holdings, payment infrastructure, and mining operations under one NYSE-listed company. On 29 April 2026, Tether announced a proposal to merge Twenty One Capital with two other companies. The first is Strike, a Bitcoin payment application led by Jack Mallers, who also serves as chief executive officer (CEO) of XXI. The second is Elektron Energy, a Bitcoin mining company. Bitcoin mining is the process of using computers to verify transactions and earn new Bitcoin as a reward. According to Cryptopolitan, Elektron Energy controls approximately 5% of the global Bitcoin mining hashrate, meaning 5% of the total computing power dedicated to Bitcoin mining worldwide.

Merger requires shareholder vote to proceedThe three-way merger proposal requires approval from XXI shareholders before it can proceed. Jack Mallers holds the CEO role at both XXI and Strike simultaneously. XXI's board has identified this dual role as a conflict of interest subject to shareholder review. Strike holds a $2.1 billion credit facility, a pre-arranged borrowing agreement with lenders, as of April 2026. The combined entity would bring together Bitcoin treasury holdings, payment infrastructure, and mining operations under one NYSE-listed company. The three-way merger proposal requires approval from XXI shareholders before it can proceed. Jack Mallers holds the CEO role at both XXI and Strike simultaneously. XXI's board has identified this dual role as a conflict of interest subject to shareholder review. Strike holds a $2.1 billion credit facility, a pre-arranged borrowing agreement with lenders, as of April 2026. The combined entity would bring together Bitcoin treasury holdings, payment infrastructure, and mining operations under one NYSE-listed company. Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.