Tether Appoints New Independent Director to Twenty One Capital Board

Messari News: On June 6, Tether announced that it has appointed a new independent director to the board of Twenty One Capital (XXI), the company holding its Bitcoin reserves, to fill the vacancy previously left by the audit committee. The company stated that this appointment complies with the independence requirements of the U.S. SEC’s Securities Exchange Act Rule 10A-3 and NYSE listing rules. The vacancy arose after Tether’s acquisition of SoftBank Group’s stake in XXI on May 20, which terminated the governance agreement and led to the resignation of SoftBank’s designated director, one of whom served on the audit committee. Twenty One Capital currently holds over 43,500 Bitcoin and positions itself as a vertically integrated Bitcoin company engaged in Bitcoin mining, asset reserves, capital markets, and financial services. Tether CEO Paolo Ardoino stated that XXI is building one of the world’s most significant Bitcoin companies, and therefore, the company prioritizes ensuring its board includes an independent oversight mechanism that meets SEC and NYSE requirements to match its strong balance sheet.