Tether Acquires All SoftBank-Held Shares in Twenty One Capital

Odaily reports, according to an SEC filing, Tether has acquired all shares of Bitcoin holding company Twenty One Capital (XXI) held by Japanese investment giant SoftBank, totaling 891,000 Class A shares.

Although the specific financial terms of the transaction were not disclosed, based on Wednesday's closing price of $7.98 per share, the stake is valued at approximately $711 million. SoftBank purchased these shares for $999.3 million last June, and this exit implies it has taken a significant discount.

Twenty One Capital currently holds 43,514 Bitcoin, worth approximately $3.4 billion. Following SoftBank's exit, its appointed board members have immediately resigned, causing the number of independent members on the company's audit committee to temporarily fall short of the New York Stock Exchange's listing requirements. (decrypt)