XXI News & Events

Tom Lee's Bitmine Immersion Technologies crosses 5.54M ether representing 4.59% of total circulating supply, Strategy adds bitcoin at $65,332 per coin to bring holdings above 845,000, Twenty One Capital restores NYSE audit compliance, and Bullish reports $32.9B in May trading volume. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.BITMINE CORNERS ETH SUPPLY:Bitmine Immersion Technologiesdisclosed holdings of 5,543,872 ethervalued at $1,630 per token as of June 7, alongside 204 bitcoin, $247M in cash, a $180M stake in Beast Industries, and an $88M stake in Eightco Holdings, placing total crypto and cash holdings at approximately $9.6B, according to. The 5.54M token position represents 4.59% of total circulating ether supply, a concentration level with no prior precedent among publicly traded corporate treasuries, and the company's cash balance fell approximately $199M week-over-week, indicating active ongoing accumulation rather than passive holding.STRATEGY ADDS 1,550 BTC:, Strategyrevealed the acquisition of 1,550 bitcoin for approximately $101M at an average price of $65,332 per coin, lifting total holdings to 845,256 bitcoin and raising the company's USD Reserve to $1B. The purchase arrived one week after Strategy sold 32 BTC, reinforcing a buy-the-dip execution pattern that has defined the company's treasury operations through each period of price softness. Doubling payout frequency on the STRC instrument expands its yield-appeal to income-focused holders and adds another capital-markets lever to the company's ongoing bitcoin accumulation engine.TWENTY ONE RESTORES NYSE COMPLIANCE:Twenty One Capital, the bitcoin treasury vehicle holding more than 43,500 bitcoin, appointed Paul Lalljie as an independent director and audit committee member, restoring the NYSE audit committee independence requirement that became impaired when SoftBanksold 89,106,748 Class A shares to Tether International on May 19, causing SoftBank's two board representatives to resign and dropping the audit committee below the two-independent-member threshold required by NYSE Rule 303A.07a,. Lalljie's compensation is set at a $150,000 cash retainer plus $150,000 in annual stock awards.BITGO MENA GOES LIVE:BitGo Holdingsconfirmed its VARA-regulated MENA subsidiary activated full electronic trading services for digital assets across the Middle East and North Africa, sourcing liquidity from multiple exchanges and providers to serve institutional clients in the region, according to. The launch extends BitGo's regulated custody footprint into a region where sovereign wealth and family office demand for licensed crypto infrastructure has outpaced provider supply.BULLISH VOLUME SOFTENS:Bullishdisclosed May unaudited exchange metrics showing total trading volume of $32.9B including $30B in spot, with an average spread of 2.23 basis points, average bitcoin volatility at 28%, and average ether volatility at 36%, according to. Bitcoin spot volume on the exchange came in at $16.8B for May, down from $20.9B in April, continuing a softening trend in digital asset trading activity that has pressured exchange-revenue comps across the industry.GENIUS BUYBACK AND NAVPS:Genius Grouprevealed its board authorized repurchase of up to 13.2M Class A shares representing 100% of the remaining 2025 AGM mandate expiring June 30, and formally adopted NAV per share, or NAVPS, as its primary reporting metric, with the most recently audited NAVPS standing at 60c as of FY25 year-end, citing shares trading at a meaningful discount to that figure,. The NAVPS adoption is a direct public signal that management views the current share price as an undervaluation, making the buyback both a capital return mechanism and a rerating call before the mandate's June 30 expiration.PRICE ACTION:As of time of writing, bitcoin was trading at $63,588.02, while ether was trading at approximately $1,680.06,.

Tether International's buyout of SoftBank's stake in Twenty One Capital reshapes the governance of the most ambitious bitcoin treasury vehicle yet assembled, concentrating control in the hands of a bitcoin-native operator as the company works toward a proposed three-way merger with Strike and Elektron Energy. Meanwhile, Nakamoto Inc. opted for the aggressive end of its board-authorized range on a reverse split needed to preserve its Nasdaq listing, BitGo Holdings brought regulated Lightning Network rails to enterprise clients. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.TETHER TIGHTENS GRIP ON XXI:Tether International, issuer of stablecoin USDT, has acquired SoftBank'sentire ownership stake in Twenty One Capital, the filing revealed. The transaction triggered the resignation of SoftBank's board representatives at Twenty One Capital, consolidating governance under Tether ahead of the company's proposed three-way merger with Strike and Elektron Energy to form what it describes as a unified bitcoin treasury, financial services, mining, lending, capital markets, and M&A platform, per. SoftBankhad been one of the marquee institutional names attached to Twenty One Capital at formation, lending the venture credibility with traditional equity investors. Its exit narrows the institutional breadth of the cap table and concentrates ownership squarely in the bitcoin-native camp, a shift that reframes Twenty One Capital as a Tether-controlled vehicle rather than a multi-stakeholder coalition. Investors tracking the emerging bitcoin treasury company category should note that Twenty One Capital's governance structure now more closely resembles that of a strategic holding company than a diversified institutional partnership.BITCOIN TREASURY GOVERNANCE:Twenty One Capital also used its announcement to outline its integrated operating strategy, describing a platform designed to combine bitcoin treasury accumulation with financial services, a lending desk, capital markets capabilities, and acquisition activity under one roof, theconfirmed. The company frames itself as building "the bitcoin company," language that positions it explicitly as a full-stack financial institution anchored to bitcoin rather than a passive holding vehicle.The combination of Tether's tightened ownership and this operational blueprint puts Twenty One Capital in direct conceptual competition with Strategyas the template for a publicly traded bitcoin-native operating company. The key distinction is that Twenty One Capital is building active business lines around bitcoin rather than relying solely on treasury appreciation, a model that introduces both more revenue upside and more execution risk than a pure-play accumulator.NAKAMOTO REVERSE SPLIT:Nakamotoannounced a 1-for-40 reverse stock split effective May 22, the announcement confirmed. The action reduces shares outstanding from approximately 696.1M to approximately 17.4M and is expressly intended to regain compliance with Nasdaq's $1.00 minimum bid price requirement, per the. Stockholders had previously authorized a ratio anywhere from 1-for-20 to 1-for-50, and management chose the more aggressive end of the range.BITGO LIGHTNING LAUNCH:BitGo Holdingsintegrated Lightning Network bitcoin payment rails into its Crypto-as-a-Service platform through a partnership with Voltage, the company disclosed in a. The service enables fintechs, exchanges, and consumer apps to embed near-instant, low-cost bitcoin payments through BitGo Holdings' OCC-supervised, 50-state-licensed infrastructure, combining regulated custody with Lightning settlement in what the company describes as a purpose-built enterprise offering.The significance is the regulated wrapper. Lightning Network integrations are common among pure-play crypto firms, but access through an OCC-chartered, nationally licensed custodian lowers the compliance barrier for banks, brokers, and fintech platforms that cannot or will not touch unregulated providers. That positions BitGo Holdings to compete for institutional bitcoin payment mandates that would be out of reach for unlicensed alternatives.PRICE ACTION:As of time of writing, bitcoin was trading at $77,423.10, while ether was trading at $2,135.50,.

The company said, "Twenty One Capital (XXI) is building a Bitcoin-native public company designed to give investors differentiated exposure to Bitcoin. XXI's strategy is to bring together Bitcoin treasury, financial services, mining, and capital markets into a single operating platform focused on recurring revenue, capital-efficient Bitcoin accumulation, and long-term value creation. Tether International, XXI's controlling shareholder, announced that it has acquired SoftBank Group's (SFTBY) stake in XXI, further aligning the company's shareholder base to advance its long-term Bitcoin strategy. At the closing of the transaction, SoftBank Group's representatives on the XXI Board of Directors stepped down in accordance with XXI's shareholder agreement...With Tether's deepened commitment, Twenty One enters its next phase with strong shareholder alignment and a clearer path to advance the operating vision it was created to pursue. Twenty One remains focused on becoming the premier listed Bitcoin company in the world: a public company that moves beyond treasury exposure alone by combining Bitcoin treasury, financial services, mining, lending, capital markets, and strategic consolidation into one integrated platform. The Company believes this approach can create a new model for Bitcoin-native public companies, with operating businesses and recurring revenue opportunities designed around long-term Bitcoin accumulation as the central objective."