Tether Boosts Bet on Twenty One as Bitcoin Plans Expand Beyond the Treasury

Shares of Twenty One (XXI) rose about 4.5% to $7.96 at 16:20 UTC following the 20 May announcement. The company currently holds 43,514 Bitcoin (BTC) worth $3.3bn at current prices, making it the public company holding the most cryptocurrency after Michael Saylor's Strategy, according to data from CoinGecko. Meanwhile, BTC is currently changing hands at $77,537, up 2% on the day, but still down 11% year-to-date.

The acquisition gives Tether – the company behind USDT, the largest circulating stablecoin by market capitalization – greater control over Twenty One as the company moves into its next phase. Tether said the transaction would further align Twenty One’s shareholder base with its Bitcoin strategy vision. 

"Tether's conviction in XXI has only deepened, and we look forward to building on that foundation as the company enters its next chapter," Tether CEO Paolo Ardoino said in a statement.

According to a filing with the US Securities and Exchange Commission, SoftBank transferred 89.1mn Twenty One Class A shares to Tether International in a shareholder-to-shareholder transaction. The filing did not disclose the value of the deal or Tether’s updated stake in the company. Sandmark reached out to Tether for comment but has not yet heard back. 

Twenty One's plan

The move comes as Twenty One pushes to become more than a crypto treasury company, with plans to build businesses across Bitcoin financial services, mining, lending and capital markets.

Digital asset treasuries (DATs), firms that raise capital to buy crypto to add it to their balance sheets, have expanded rapidly with the number of companies holding digital assets increasing from four in 2020 to 142 by late 2025. Recent findings from CoinGecko noted that Bitcoin treasury companies dominate the sector, accounting for more than 80% of crypto holdings by value. 

Supporters say that DAT strategies give investors easier access to assets like BTC, while critics argue companies heavily tied to crypto prices could face pressure during market downturns.

For instance, Strategy posted a net loss of $12.5bn, or $38.25 per share, in the first quarter of 2026 due to an unrealised loss on its Bitcoin holdings.

SoftBank was among Twenty One’s original backers alongside Tether and Cantor Fitzgerald when the company launched in 2025 under CEO Jack Mallers. SoftBank representatives stepped down from Twenty One’s board after the transaction closed. 

The company raised $585mn through convertible notes and private equity financing to buy additional Bitcoin and support operations. At launch, Tether and Bitfinex were expected to hold majority ownership, while SoftBank held a minority stake.