SoftBank’s High-Stakes Bet on Bitcoin

SoftBank is diving deeper into the volatile world of cryptocurrency by backing a new bitcoin investment firm, Twenty One Capital. The company is being launched through a SPAC merger with Cantor Equity Partners and supported by contributions of over 42,000 bitcoins—worth approximately $4 billion—from Tether and Bitfinex. SoftBank is purchasing $891 million worth of Twenty One shares from Tether, with expectations of a significant valuation uplift. $BTC