Tether buys SoftBank stake in crypto firm Twenty One

Tether bought SoftBank’s stake in digital-asset treasury company Twenty One Capital for an undisclosed amount.

The USDT issuer is pushing to merge the company with Strike and Elektron Energy.

SoftBank held about 26% of Twenty One’s listed shares worth about US$679 million while Tether and affiliate iFinex held about 45% and 17% before the deal.

Twenty One had about US$3 billion in digital assets at the end of March, and reported a net loss of US$859.7 million in the first quarter of 2026.

The company was formed in April 2025 by Tether, SoftBank, and a Cantor Fitzgerald affiliate.

Its Bitcoin investment model has lost support as prices fell and its shares dropped more than 80% from a year-ago peak.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Twenty One’s first-quarter loss came mostly from accounting, not the business itself

Twenty One posted a US$859.7 million first-quarter loss. Most of it came from a non-cash charge of about US$847.8 million after the company adopted a new crypto-asset accounting standard for its Bitcoin holdings 1.
That rule requires the company to value its Bitcoin at market prices. As Bitcoin fell during the quarter, the paper loss hit reported earnings 1.
The result can blur Bitcoin Per Share, the company’s internal yardstick. It held steady at 12,557 satoshis, which fits the stated plan to hold or lift Bitcoin per share even when the US dollar value moves around 1.

Tether’s SoftBank deal and merger plans would tighten its grip on Twenty One

Tether is seeking more control of Twenty One by buying SoftBank’s stake and backing mergers that would bring in Strike, a Bitcoin payments company, plus Elektron Energy, a Bitcoin mining business 2.
If completed, the setup would place Twenty One’s Bitcoin treasury alongside operating units in Bitcoin financial services through Strike and mining through Elektron Energy 3.
The plan could offer a model for crypto-native groups that house related businesses under one company. That could link mining with financial services and trim dependence on the traditional banking system if it works as planned 4.