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Cryptocurrencies: 28005
Markets: 116055
Market Cap: $3,052,473,135,211     
24h Vol: $86,926,750,486
Seeking Alpha 2022-11-11 13:55:17

SoftBank expected to write down almost $100M investment in FTX.com - report

SoftBank expected to write down almost $100M investment in FTX.com - report
SoftBank Group ( OTCPK:SFTBY ) ( OTCPK:SFTBF ) ( OTCPK:SOBKY ) had invested just under $100M in FTX.com and expects to write off the full value of it stake in the now beleaguered cryptocurrency exchange, Bloomberg reported, citing a person familiar with the matter. The Japanese company had invested in FTX's series A and series B financing rounds. The mid-2021 round valued FTX Trading at $18B, and attracted capital from Sequoia Capital, Thoma Bravo, Third Point, and Coinbase ( COIN ). Now FTX's Sam Bankman-Fried says the company will have to file for bankruptcy if it can't raise capital to cover a $8B shortfall. Softbank ( OTCPK:SFTBY ) has kept the investment in FTX marked near cost, rather than recording a higher value that would register a profit on the books, the person told Bloomberg. The software and investment firm didn't immediately respond to a request for comment from Seeking Alpha. Earlier, crypto lender BlockFi pauses client withdrawals on 'lack of clarity' over FTX
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