The price of BTCUSD has rallied this week to sit near $93,700 and a push to $100k Is possible next week.
Japanese investment giant SoftBank is testing the crypto waters again with the new bitcoin (BTC) investment vehicle, Twenty One Capital, in conjunction with Tether, Bitfinex, and Cantor Fitzgerald. It is another welcome sign of institutional flows for bulls.
SoftBank Group has $308 billion assets under management and is another sign of a large corporation buying into the world’s largest cryptocurrency. The US tech giant put a vote to its shareholders over the last year to invest in BTC but it was voted down.
For other investors, there is a worry that it is a bad omen for crypto after a previous loss. In 2019, SoftBank made headlines when its founder, Masayoshi Son, took a big loss on a personal bitcoin investment. Son had taken exposure to cryptocurrency in late 2017, when the ICO mania was peaking and bitcoin was trading at an all-time high of around $20,000.
With bitcoin now trading at $93,000, Son’s investment would have been very profitable had he held it. But he sold in early 2018 as bitcoin began to crash, resulting in a $130 million loss, according to the WSJ.
It remains to be seen how Son will do this time around but the move can help some short-term gains in Bitcoin after the coin has rallied from a recent correction. Some safe haven flows have arrived after ETF flows have been reduced.
The new TwentyOne investment vehicle has already placed $4bn of BTC on its balance sheet and looks set to add more in the coming months. A pause in tariffs could see less market volatility and a return to speculative investments.
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