Tether Acquires SoftBank's 26% Stake in Twenty One Capital, Solidifying Control
XXI sits 33% above its 52-week low of $5.61 on light trading volume (0.3× avg).
Summary
Tether, already a majority shareholder, has acquired SoftBank's approximately 26% stake in Twenty One Capital, further solidifying its control over the company. This follows recent 8-K filings detailing SoftBank's divestment and updates to XXI's corporate charter to reflect Tether's increased influence. The move deepens Tether's bet on XXI as the company pivots to become an integrated Bitcoin financial services provider, holding over 42,000 BTC. This consolidation provides clear strategic direction and backing for XXI, which has reported substantial net losses in recent quarters.
At the time of this announcement, XXI was trading at $7.45 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $4.9B. The 52-week trading range was $5.61 to $53.00. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Cointelegraph.