Let's briefly talk about SoftBank's purchase of $900 million worth of BTC;

First of all, this is not just a standalone investment by SoftBank, but a collaboration with three institutions, including:

Tether (the parent company of USDT)

Bitfinex (a trading platform commonly used by BTC whales)

Cantor Fitzgerald (a financial services firm in the United States)

These institutions have formed a fund project or investment company named Twenty One Capital.

Tether and Bitfinex will not be investing in US dollar cash, but rather injecting funds in the form of BTC, while SoftBank and other participants will contribute cash;

In terms of BTC holdings, if the holdings of these three main players are combined, they will become the third largest corporate holder globally!

Currently, the largest holder is MicroStrategy with 530,000 BTC, followed by MARA with 47,000 BTC. According to Twenty One Capital's valuation, they are expected to hold around 42,000 BTC.

It is important to note that the funding sources for Twenty One Capital also include convertible notes and equity financing, which means that TOC (abbreviation) may be mimicking MicroStrategy's model for corporate-level BTC strategic investments.

Ultimately, the continuous funding source may still come from the US stock market.

For the BTC market, this is positive news because another new player has emerged in the MicroStrategy model, but considering the potential risks and uncertainties associated with this model in the future, we can tentatively view it as a small-scale MicroStrategy.

If the price of BTC continues to rise, then this model will still provide continuous liquidity as demand for BTC.

However, if the price falls, then this model will still carry certain risks.

Suddenly I remember, the last time I heard about SoftBank and BTC was when Masayoshi Son bought BTC and then got dumped in 2018, ultimately he chose to cut losses.

I wonder what the outcome of SoftBank's story of buying 10,000 BTC at a price of $90,000 with $900 million will be. Regardless, purely from the debt maturity perspective, TOC's risk is far lower than that of MicroStrategy.