“This transaction reflects the continued development of XXI as the company builds on its foundation and advances its long-term bitcoin strategy,” the stablecoin issuer said in a Wednesday (May 20) news release. “Tether’s increased commitment reflects its conviction that XXI represents one of the most important opportunities to build a public company around bitcoin from the ground up.”

Tether and Japanese tech investor SoftBank launched Twenty One Capital (or XXI, as Tether calls it) last year, contributing enough bitcoin—42,000, valued at $3.6 billion at the time—to make it the one of the largest corporate holders of the digital currency.

“SoftBank’s involvement gave XXI the kind of institutional depth that few…