SoftBank
SoftBank Group is a Japanese multinational conglomerate holding company that focuses on investment management.
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Tether Appoints Independent Director to Twenty One Capital’s Board of Directors to Fill Audit Committee Vacancy
This seat became vacant following a transaction on May 20, when Tether acquired XXI shares held by SoftBank Group, resulting in the termination of the related governance agreement and the subsequent resignation of SoftBank Group’s representative—including one member of the audit committee—from the XXI board.
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Twenty One
Twenty One Capital Faces NYSE Compliance Crisis, Stock Plummets 83% Year-to-Date
According to Protos, Twenty One Capital (ticker: XXI), a Bitcoin reserve company controlled by Tether, received an official non-compliance notice from the New York Stock Exchange (NYSE) on May 29 due to insufficient independent directors on its Audit Committee. The company must rectify the issue by Friday, June 6; otherwise, its stock will be assigned the “BC” (Below Compliance) designation starting June 9. The incident stems from May 19, when Tether acquired all 89.1 million Class A shares held by SoftBank and canceled the corresponding Class B shares. Concurrently, Tether terminated the governance agreement granting SoftBank veto rights over the Board of Directors. As a result, the two directors appointed by SoftBank—including Jared Roscoe, a member of the Audit Committee—resigned the same day, reducing the number of independent Audit Committee members from two to one, thereby triggering the NYSE’s compliance threshold. Twenty One Capital has stated it will appoint a new independent Audit Committee member as soon as possible but has not disclosed the specific candidate or who holds the authority to make the appointment. The company currently holds 43,514 BTC, valued at approximately $3.1 billion, yet its total market capitalization remains below $2.5 billion. Amid leadership instability and multiple unfulfilled business commitments, its stock price has plunged over 83% in the past year.
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SoftBank plans to issue approximately $1.6 billion in subordinated bonds, primarily targeting retail investors.
According to Bloomberg, SoftBank Group Corp. plans to raise approximately $1.6 billion through a new subordinated bond issuance primarily targeting retail investors. Regulatory filings indicate the bonds have a 35-year maturity, with the issuer holding a call option exercisable after five years. The pricing is scheduled for June 5, with the initial coupon guidance set between 4.8% and 5.6% for the first five years. This marks SoftBank’s second similar retail bond offering within roughly two months.
June
Tether Acquires All SoftBank-Held Shares in Twenty One Capital
Odaily reports, according to an SEC filing, Tether has acquired all shares of Bitcoin holding company Twenty One Capital (XXI) held by Japanese investment giant SoftBank, totaling 891,000 Class A shares.Although the specific financial terms of the transaction were not disclosed, based on Wednesday's closing price of $7.98 per share, the stake is valued at approximately $711 million. SoftBank purchased these shares for $999.3 million last June, and this exit implies it has taken a significant discount.Twenty One Capital currently holds 43,514 Bitcoin, worth approximately $3.4 billion. Following SoftBank's exit, its appointed board members have immediately resigned, causing the number of independent members on the company's audit committee to temporarily fall short of the New York Stock Exchange's listing requirements. (decrypt)
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Bitcoin
June
Tether
Twenty One
Tether acquires SoftBank's stake in Twenty One Capital
: Tether announced that it has acquired the shares of Twenty One Capital (XXI) held by SoftBank Group, further increasing its controlling stake in the company. Following the transaction, SoftBank's appointed board member at XXI has resigned in accordance with the shareholder agreement. Tether stated that this move reflects its strong and ongoing bullish view on XXI's long-term Bitcoin strategy, considering it one of the most significant opportunities to "build a publicly listed company from scratch around Bitcoin." Tether CEO Paolo Ardoino noted that SoftBank provided important institutional resources and strategic perspectives during the company's early development stage, while Tether's confidence in XXI has "further strengthened."
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OpenAI establishes new subsidiary OpenAI Deployment Company to drive AI application adoption
: OpenAI announced the establishment of a new subsidiary, OpenAI Deployment Company, focused on driving the large-scale implementation and system reconfiguration of AI within core enterprise operations, marking its extension from a "model provider" further into the realm of "enterprise AI infrastructure and implementation."The new company will focus on the "Frontline Deployment Engineer (FDE)" model, which involves deeply embedding AI engineers within enterprises to work alongside management and frontline teams to restructure key business processes, transforming AI capabilities into sustainable, operational production systems. The goal is not just to provide model capabilities, but to help enterprises rebuild their organizational and operational frameworks around "intelligent systems."In its initial phase, OpenAI has reached an agreement to acquire AI consulting and engineering firm Tomoro, bringing in approximately 150 engineers and experts with experience in complex enterprise AI deployments, covering high-complexity business scenarios such as retail, aviation, and gaming.OpenAI Deployment Company is led by TPG, with participation from 19 global investment institutions and consulting firms including Advent, Bain Capital, and Brookfield, as well as Goldman Sachs, SoftBank Group, McKinsey, Bain & Company, and Capgemini, forming a collaborative ecosystem spanning capital and enterprise transformation services. The company's initial financing round exceeds $4 billion.
Company
Bitget U.S. IPO Prime Phase II: OpenAI’s IPO Subscription Opens on May 12
According to the official announcement, the second asset launched on Bitget IPO Prime is preOPAI—a digital token issued by the regulated issuer Republic on the Solana blockchain, designed to mirror OpenAI’s post-IPO economic performance on a 1:1 basis. As the world’s leading consumer AI provider, OpenAI reports approximately 900 million weekly active users, according to official data. Its most recent funding round raised $122 billion, with participants including Microsoft, NVIDIA, Amazon, and SoftBank. Bitget IPO Prime operates on a subscription model, whereby users receive subscription quotas based on their account tier. Upon completion of token allocation, users may trade the tokens on the upcoming spot market. Alternatively, after the lock-up period for preOPAI’s underlying debt assets expires, the issuer will authorize Bitget to convert users’ holdings into either stock tokens or USDT, referencing the underlying company’s (OpenAI’s) publicly traded stock price. IPO Prime Details: • OpenAI Implied Valuation: $898.21 billion • Total IPO Prime Subscriptions: 29,082 • Total Subscription Value: $21,084,450 • Subscription Price: 1 preOPAI = $725 • Accepted Subscription Currencies: USDT or USDGO • Total Subscription Pool Cap: $300,000,000
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SoftBank Group Cuts Back on Financing Plan Secured by OpenAI Equity
According to Bloomberg, SoftBank Group is scaling back a financing plan that uses its equity stake in OpenAI as collateral. The original plan aimed to raise approximately $10 billion in margin loans, but the amount may now be reduced to around $6 billion. Reportedly, some lenders have expressed concerns about the transaction structure and the reliability of OpenAI’s valuation as a private company—key factors hindering progress on the financing. The loan was initially structured as a two-year facility, extendable by one year, secured against SoftBank’s OpenAI equity holdings, and intended to further expand its investment footprint in the artificial intelligence sector.
AI-powered recruitment platform Ethos raises $22.75M in Series A funding, led by a16z
London-based AI recruitment platform Ethos has raised $22.75 million in Series A funding, led by Andreessen Horowitz (a16z) with participation from General Catalyst. Ethos uses AI-powered interviews and assessments of professional artifacts—including essays, code, and more—to build detailed skill profiles of candidates and match them to paid opportunities such as expert consulting, market research, AI data labeling, advisory roles, and full-time positions. Founded in 2023 by James Lo and Daniel J. Mankowitz—former employees of Google DeepMind, McKinsey & Company, and SoftBank—the company aims to address the growing challenge of identifying genuine candidate capabilities amid rising numbers of fabricated or AI-generated resumes. The new capital will be used to scale its AI agents, expand its global network of experts, and deepen collaborations with AI labs and enterprise clients.
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Ethos
SoftBank plans to establish and list an AI company, “Roze,” in the U.S.
According to the Financial Times, sources revealed that SoftBank Group plans to establish and list in the U.S. an independent intelligent robotics and data center company named “Roze.” SoftBank aims to take Roze public this year, targeting a valuation of $100 billion. SoftBank CEO Masayoshi Son is spearheading this initiative, which seeks to recoup the company’s multibillion-dollar investments in artificial intelligence. SoftBank has been steadily increasing its debt, while Son endeavors to position himself as a pivotal figure in the global AI boom—having made massive investments in OpenAI.
SoftBank Seeks $10 Billion Loan Secured by OpenAI Shares
According to Bloomberg, SoftBank Group is seeking a $10 billion margin loan secured by its stake in OpenAI, with a two-year term and an option to extend for one additional year. This move aims to fund SoftBank’s continued expansion in the artificial intelligence sector.
SoftBank, NEC, Honda, and Sony Group jointly establish a Japanese domestic AI foundation model development company
According to Jiji Press, SoftBank, NEC, Honda, and Sony Group have jointly established a new company named “Japan AI Foundation Model Development,” aiming to advance the development of domestically produced AI foundation models. The company plans to assemble approximately 100 AI developers, with its president appointed from SoftBank’s executive ranks. In addition to the four founding companies, Nippon Steel, Kobe Steel, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mizuho Bank are also participating as investors. SoftBank and NEC will lead development efforts, while Honda will apply the outcomes in autonomous driving. Preferred Networks is also involved. The company intends to widely open access to its AI technologies to Japanese enterprises beyond its investors and expand into robotics AI. If selected by Japan’s New Energy and Industrial Technology Development Organization (NEDO), the company expects to receive ¥1 trillion (approximately RMB 43 billion) in government support over five years starting in fiscal year 2026.
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