Twenty One Capital (XXI), a public Bitcoin treasury company that holds Bitcoin (BTC) as its primary asset, has restored its compliance with NYSE listing rules after appointing Paul Lalljie as an independent director and audit committee member.
The governance issue arose after SoftBank, the Japanese multinational conglomerate, sold its stake in Twenty One Capital to Tether – the issuer of the world's largest stablecoin, USDT – on 19 May.
With SoftBank’s representatives stepping down from the board, the audit committee was left with fewer than the two independent members required under NYSE rules. The exchange had warned that a non-compliance indicator would be attached to the stock from 9 Jun if the deficiency was not remedied. According to BitcoinTresuries.net, Twenty One Capital is the world's second-largest corporate Bitcoin holder with 43,514 BTC, but a distant second to Michael Saylor's Strategy, with 845,256 BTC.
Lalljie currently serves on the supervisory board and audit committee of cybersecurity firm Bitdefender. He previously served as chief executive and chief financial officer of education technology company 2U and as chief financial officer of identity verification firm Neustar. He has no apparent background in Bitcoin or digital assets.
"Strong governance and independent oversight are critical as we build Twenty One into one of the world’s leading Bitcoin companies," said Jack Mallers, CEO of Twenty One Capital.
