SB Northstar, a Tokyo-based investment arm of SoftBank, has agreed to invest $ 75 million in Block.one’s new Bullish crypto exchange.
SoftBank invests $ 75 million in Bullish
SB Northstar, a wholly owned subsidiary of Japanese financial giant SoftBank, is set to put $ 75 million in Bullish, the cryptocurrency company behind a still-launched crypto exchange backed by billionaire Peter Thiel, Bloomberg reported.
According to filings with the Securities and Exchange Commission, SoftBank will purchase 7.5 million shares at $ 10 per share until Bullish executes its upcoming SPAC. Bullish was valued at $ 9 billion.
Although the blockchain company has not yet started operations, it has caused a lot of buzz because of the big bucks. For context, it was created by Block.one, the company behind a record-breaking EOS Initial Coin Offering (ICO) valued at $ 4 billion.
Block.one currently holds $ 5.2 billion in BTC, according to Bitcoin Treasury, making it the largest holder among public and private companies.
Bullish, backed by billionaire Peter Thiel and crypto-investment firms like Galaxy Digital, is well on its way to achieving this in late 2021 through the merger of SPAC with Far Peak Acquisition Corp. by Thomas Farley to go public. Farley, the former chairman of the New York Stock Exchange, becomes CEO of Bullish. Block.one will be chaired by Brendan Blumer.
SoftBank promotes crypto investments
As reported, SoftBank recently invested $ 200 million in 2TM Group, the parent company of Mercado Bitcoin, a Latin American-focused cryptocurrency exchange.
Quite different investments in the hole include funding Hashdex, a cash management company based in Brazil. The $ 26 million funding came from Hashdex in combination with funding from Coinbase Ventures.
As of this week, it was once reported that the NFT Sorare Foundation’s casual sports activities once cost their $ 530 million, which is likely to happen every time the opportunity presents itself to live on the profile of the largest foundation in France’s tech sector. The financing sector is to be led by SoftBank.
SoftBank CEO Masayoshi Son previously held Bitcoin but sold it all in 2018. The CEO had previously stopped commenting on Bitcoin for too long, saying it was due to a surge in recognition “being ignored.
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