SoftBank has reportedly joined forces with Tether, Bitfinex, and Cantor to launch 21 Capital. It will be seeded with $3 billion in Bitcoin (BTC). The joint venture is set to go public via SPAC.
SoftBank will contribute $900 million to buy Bitcoin at $85,000. Tether will contribute the biggest share ($1.5 billion).
VanEck's Matthew Sigel has described the deal as Masayoshi Son's biggest Bitcoin bet yet.
"It seems to me that Masa’s looking to build a Bitcoin-AI-energy flywheel," he commented.
Earlier this year, SoftBank also put $50 million into Cipher Mining, acquiring approximately 10.4 million shares (3%).
The most recent move could potentially trigger a massive institutional Bitcoin buying spree.
As reported by U.Today, Softbank's Son personally bought $200 million Bitcoin close to the top of the 2017 bull market. Son ended up taking a significant loss.
Now, Japan's third-richest man is ready to dive much deeper into Bitcoin with the massive purchase.
Vladislav Sopov
Dan Burgin