Twenty One Capital (XXI) Stock Jumps as Tether Acquires SoftBank Stake in Bitcoin Firm

TLDR

• Twenty One Capital (XXI) rose 3.15% to $7.86 in pre-market trading on Wednesday after announcing the formation of a bitcoin-native public company.
• Tether International, XXI’s controlling shareholder, acquired SoftBank Group’s stake in the company; financial terms were not disclosed.
• SoftBank’s board representatives stepped down following the transaction, per the company’s shareholder agreement.
• XXI is building a single platform combining Bitcoin treasury, financial services, mining, lending, and capital markets.
• The stock is down 84% over the past year and carries a “WEAK” financial health rating, with the company reporting a loss of $4.42 per share over the last twelve months.

Twenty One Capital (XXI) stock climbed 3.15% to $7.86 in pre-market trading on Wednesday after the company announced a formal operating plan and a key ownership change.

Twenty One Capital Inc, XXI

Tether International, XXI’s controlling shareholder, confirmed it has acquired SoftBank Group’s (SFTBY) stake in the company. The financial terms of the deal were not disclosed.

Following the transaction, SoftBank’s representatives on XXI’s Board of Directors stepped down in line with the company’s existing shareholder agreement.

SoftBank had been involved in Twenty One Capital since its early formation, bringing institutional backing during the company’s foundational stage. The Japanese tech conglomerate is now fully out of the picture.

With the stake purchase, Tether consolidates its grip on XXI and says the move gives the company “stronger shareholder alignment” as it pushes forward with its Bitcoin strategy.

What XXI Is Actually Building

Twenty One Capital is positioning itself as a Bitcoin-native public company. The idea is to pull Bitcoin treasury operations, financial services, mining, lending, and capital markets under one roof.

The company says its model is built around recurring revenue and capital-efficient Bitcoin accumulation — essentially running businesses that generate cash while steadily stacking BTC.

CEO Jack Mallers is leading the charge. He was re-elected to the board at the company’s recent annual shareholder meeting, along with six other directors.

XXI filed its annual 10-K with the SEC on March 31, 2026, covering the year ended December 31, 2025. Its most recent 10-Q, covering Q1 2026, was filed on May 13, 2026.

The Numbers Tell a Harder Story

Despite Wednesday’s pre-market pop, the stock’s longer-term picture is rough. XXI is down 84% over the past year and trades at a $2.64 billion market cap.

The company is not profitable. It reported a loss of $4.42 per share over the last twelve months.

InvestingPro’s financial health rating for XXI is listed as “WEAK,” and its Fair Value assessment suggests the stock is currently overvalued.

Those figures are worth keeping in mind as XXI talks up its long-term vision. The platform is still early-stage, and the path to profitability isn’t yet mapped out publicly.

Tether’s deeper commitment does bring a well-capitalised backer into the fold. Tether operates one of the world’s largest stablecoin businesses and has a clear financial interest in growing Bitcoin-native infrastructure.

XXI’s latest quarterly report, filed May 13, 2026, will give investors their clearest look yet at how the business is actually performing in 2026.

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