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- Tether International appointed a new independent director to Twenty One Capital’s board.
- The appointment fills an audit committee vacancy created after SoftBank exited its stake in the company.
- Twenty One Capital continues to expand its Bitcoin-focused business with more than 43,500 Bitcoin in its treasury.
Tether International has appointed a new independent director to the board of Twenty One Capital, known as XXI, as the company moves to strengthen its governance structure following recent board changes.
The appointment fills an audit committee vacancy that emerged after Tether completed its acquisition of SoftBank Group’s stake in the Bitcoin treasury company. The decision marks another step in XXI’s efforts to maintain compliance with public market standards while supporting its long-term growth strategy in the digital asset sector.
Company officials stated that the board reviewed the candidate carefully and determined that the director meets the independence requirements established by both U.S. securities regulations and New York Stock Exchange listing standards.
Board Changes Follow Tether–SoftBank Deal
This was because of a transaction that took place on May 20, where Tether purchased the equity held by SoftBank Group at Twenty One Capital. This also marked an end to a governance arrangement that allowed SoftBank to have a representative on the board.
During this process, SoftBank directors relinquished their roles as the new transaction came into effect. One of these directors had sat on the audit committee, making it necessary for an appointment to take his place. Twenty One Capital disclosed the development to the NYSE right after the closing of this transaction.
It is now time for this director to take up this position on the audit committee. This ensures the composition of this committee does not fall below the set standard.
Proper oversight will still be essential in the coming months as XXI grows and increases its investments in cryptocurrencies. Independent directors play a critical role in overseeing financial reporting and corporate decisions. Tether explained that it carried out an extensive search to identify the new independent director.
XXI Strengthens Corporate Governance With New Director
According to management, independent oversight is a crucial component of corporate governance in this rapidly expanding industry, such as the Bitcoin industry. Management believes that the addition will improve accountability and protect the interests of shareholders as XXI works towards achieving its objectives.
The Board of Directors determined that the new member meets the qualifications set forth by the Securities Act of 1934 and NYSE. These criteria aim to make sure that audit committee members do not have any conflict of interest while assessing company issues.
The decision will improve governance stability amid changing ownership structures following the buyout of SoftBank’s holdings by Tether. In recent years, XXI has become one of the biggest Bitcoin treasuries with more than 43,500 bitcoin in its portfolio.
XXI is a Bitcoin-based enterprise with activities related to mining, treasury management, capital markets, and financial services. It has adopted this strategy to increase sources of revenue within the expanding Bitcoin economy.
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