Key Highlights
- Tether described Twenty One Capital as a strategic opportunity tied to the development of a publicly listed Bitcoin-focused company.
- Paolo Ardoino said SoftBank helped strengthen XXI during its early formation stage through institutional expertise and strategic guidance.
- SoftBank-appointed directors resigned from their positions following the transaction.
Tether, the company behind the USDT stablecoin, has acquired Softbank’s whole equity stake in Twenty One Capital (XXI), increasing its ownership in the Bitcoin-focused company.
According to the official release, the deal reflects Tether’s growing conviction that XXI is a critical opportunity for the creation of a publicly listed firm built natively on top of Bitcoin.
Tether expands beyond stablecoins
Tether said the acquisition aligns with its broader strategy to expand beyond its core stablecoin business.
Paolo Ardoino, CEO of Tether, commented on the development, stating, “SoftBank’s involvement gave XXI the kind of institutional depth that few early-stage companies ever have.”
He added, “Their experience backing some of the most consequential technology companies in the world brought credibility, perspective, and discipline to XXI during a critical period of formation. They leave behind a company with a stronger foundation, a clearer mandate, and an ambitious path ahead. Tether’s conviction in XXI has only deepened, and we look forward to building on that foundation as the company enters its next chapter.”
SoftBank’s representatives are said to have contributed experience from investments across technology, infrastructure, financial services, and communications. The deal results in SoftBank’s complete exit from Twenty One Capital, and its appointed directors have resigned from the company’s board.
Tether leads seed funding round
In a separate development today, the stablecoin-centric digital wallet Sorted Wallet has raised $4.4 million in seed funding amid attempts by stablecoin providers to incorporate blockchain dollars in everyday transactions.
Tether and Gnosis have co-led the seed funding round, and Movement Labs, Angel Invest, and angel investors associated with RWA.io are other participants in the fundraising round. It comprises $3.4 million in equity financing and $1 million in strategic investment from telecom infrastructure firm Vox Solutions in support of its integration with mobile operators.
It represents a subsequent investment by Tether after having supported Sorted in its $1.5 million pre-seed funding in September 2024.
Further expectations from the acquisition
SoftBank, which is well-known for its aggressive investments into tech through the Vision Fund, leaves at a time when it seems that XXI has gathered enough momentum. In contrast to that, Tether keeps showing increasing interest in penetrating further into the Bitcoin economy by leveraging its resources and influence in the field.
The acquisition marks yet another trend toward an increasingly complex interaction between established institutions and native crypto projects. As the XXI embarks on its next journey, led by Tether, one can assume that the company would be working on fulfilling its mission of establishing itself as a top Bitcoin-based publicly held company.
The exact implications of the latest development for XXI’s further activities in the field remain to be seen.
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