SoftBank's crypto narrative from last year was just a flash in the pan; it was cleared out in a year. Institutional faith is just so-so.

According to SEC disclosures, Tether has acquired all 891k Class A shares of Bitcoin investment company XXI held by SoftBank, approximately $711 million. SoftBank purchased in last year for $999.3 million and is now exiting at a discount. XXI currently holds 43,514 bitcoins, with a market value of about $3.4 billion. After SoftBank's exit, the appointed board members resigned, resulting in XXI's audit committee having a temporarily insufficient number of independent members according to NYSE listing rules.