- Investors and analysts probably have the answer to the question: How much will SoftBank Group Corp SFTBY lose on the crypto exchange FTX.com’s meltdown?
- SoftBank did not provide details on how much money it put into FTX (FTT/USD) or where it valued the stake in recent quarters.
- SoftBank participated in a $900 million series B funding round last year and another $400 million this year, according to statements released by FTX.
- Related: Troubled Crypto Exchange FTX Reopens Withdrawals.
- SoftBank Group Corp, Bloomberg reported, invested around $100 million in the crypto exchange FTX.com and anticipated writing down the entire value of the stake, citing a person familiar with the matter.
- SoftBank had put less than $100 million and had kept the investment marked close to cost rather than boosting the valuation and recording a profit, the person said. SoftBank will likely write down the holding in the December quarter.
- One of FTX’s primary backers, Sequoia Capital, promptly reassured its investors, saying its exposure was limited and said it wrote down the full value.
- Picture via Shutterstock
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