The appointment restores Twenty One Capital’s audit committee after Tether’s May 20 purchase of SoftBank’s stake gave it majority control of the Bitcoin treasury company.
Tether said it filled a vacant audit committee seat at Twenty One Capital by designating an independent director that meets SEC and NYSE standards, restoring the committee after SoftBank’s board representatives departed following Tether’s May 20 purchase of SoftBank’s 89.1 million shares for about $711 million. The deal gave Tether uncontested control of the Bitcoin treasury company, which holds more than 43,500 BTC and ranks second among publicly traded corporate Bitcoin holders behind Strategy. Paolo Ardoino said the company applied significant rigor in selecting the new director, though Tether did not disclose the appointee’s name. The governance update comes as Tether pursues a proposed combination of Twenty One Capital with Jack Mallers’ Strike and Elektron Energy, a plan that would extend the business across treasury accumulation, payments, lending and mining but still lacks final terms, signed merger agreements and a closing timeline.