Tether International has acquired SoftBank's stake in Twenty One Capital (XXI), the controlling shareholder announced Wednesday.
SoftBank's representatives stepped down from Twenty One's board of directors upon closing of the transaction in accordance with the firm's shareholder agreement, according to Tether.
"This transaction reflects the continued development of XXI as the company builds on its foundation and advances its long-term Bitcoin strategy," Tether said in a statement. "Tether's increased commitment reflects its conviction that XXI represents one of the most important opportunities to build a public company around Bitcoin from the ground up."
Twenty One Capital's shares are up 5.6% to $8.05 in pre-market trading on Wednesday following the news, per TradingView.
Merger plans
