Softbank said its investment in FTX amounts to a 'minor' stake in the $100 billion Softbank Vision Fund.
SoftBank on Friday disclosed a $100 million venture capital investment in crypto broker FTX and said it would not face a material markdown in the value of it stake in the struggling crypto brokerage.
Softbank 9984 SFTBY Chief Executive Masayoshi Son said his $100 billion Vision Fund invested in FTX in what he described as a minor stake in the company as FTX’s overall valuation ballooned up to $32 billion in September only to see it collapse this past week. “Investing in currency is actually a bit different from our vision,” he said. “Through the business of cryptocurrency there may be something that comes to the technology revolution like blockchain that can be a positive for AI. So that can be some interpretations to make an investment.”
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