Tether has bought out SoftBank Group’s ownership in the digital-asset treasury company Twenty One Capital, adding to its control over the Bitcoin accumulator as it seeks to merge the firm with two other businesses.
Tether didn’t disclose how much it had paid for the stake, according to an announcement by the stablecoin company on Tuesday. SoftBank owned approximately 26% of Twenty One’s publicly-listed shares, data compiled by Bloomberg shows, which was worth some $679 million. Tether owned around 45% of the firm prior to the acquisition.
Last month, Tether proposed that Twenty One merge with Strike, a crypto trading and spending platform, and Elektron Energy, a Bitcoin mining firm, at a time when Twenty One’s main business of investing in Bitcoin has fallen out of favour.
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When the operation was first announced, publicly traded cryptocurrency treasury companies were popular, following the successful playbook of Michael Saylor’s Strategy. After the price of Bitcoin went into decline, though, the shares of many treasury companies dropped even more sharply.
Tether, SoftBank and an affiliate of Cantor Fitzgerald LP teamed up to create Twenty One in April last year, managing about 42 000 Bitcoin — or $3.9 billion — at launch.
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