TechFlow News, June 6: According to an official announcement on Tether’s website, Tether International, S.A. de C.V., the controlling shareholder of Twenty One Capital (XXI), announced today the appointment of a full-time independent director to the XXI Board of Directors. The XXI Board has determined that the appointee meets the independence standards set forth in Rule 10A-3 of the U.S. Securities and Exchange Commission’s (SEC) Exchange Act and Section 303A.02 of the New York Stock Exchange (NYSE) Listed Company Manual, thereby restoring the Audit Committee to full complement.
This vacancy arose from a transaction on May 20, when Tether acquired XXI shares held by SoftBank Group, resulting in the termination of related governance agreements and the consequent resignation of SoftBank Group’s representatives—including one member of the Audit Committee—from the XXI Board.
Paolo Ardoino, CEO of Tether, stated that XXI is building one of the world’s most important Bitcoin companies and therefore requires high-standard independent oversight. Originally established as a Bitcoin treasury company, XXI currently holds over 43,500 bitcoins and aims to build a vertically integrated Bitcoin business encompassing mining, treasury management, capital markets, and financial services.
