Tether Acquires All of SoftBank's Stake in Twenty One Capital

Odaily Planet Daily News: According to SEC filings, Tether has acquired all shares held by Japanese investment giant SoftBank in Bitcoin holdings company Twenty One Capital (XXI), 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 this stake for $999.3 million in June last year, meaning its exit comes at 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 resigned immediately, 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)