Tether bought out SoftBank's stake in Twenty One Capital ($XXI) on May 19, cancelled their shares, terminated the governance agreement that protected minority holders, and cleared out the independent directors—removing the only real "wall" against self-dealing.
This means Tether now unilaterally decides Strike's valuation in the upcoming merger S-4, so
$XXI is effectively a Bitcoin treasury vehicle where the Strike operating business gets whatever multiple Tether assigns, with no arm's-length check.