SoftBank Goes Big
Weekly Recap: SoftBank bets big on bitcoin again, Trump upgrades his memecoin.
Japanese tech-focused investment conglomerate SoftBank is expected to make a $462M investment in Twenty One, an up-and-coming Strategy competitor that is backed by stablecoin issuer Tether, crypto exchange Bitfinex, and financial services firm Cantor Fitzgerald.
Jack Mallers – who previously founded a BTC payments application called Strike in 2017 – will serve as CEO for Twenty One, a company which advertises itself as a “singular vehicle for Bitcoin exposure” that will conduct “pro-Bitcoin advocacy” and "explore future expansion into Bitcoin-native financial products.”
Twenty One is expected to go public via SPAC merger with Nasdaq-listed acquisition vehicle Cantor Equity Partners (CEP). Although some are calling it a landmark moment for corporate Bitcoin adoption, others remain highly skeptical about the venture and point to a checkered history for SPAC stock debuts.
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Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
