Everyone dreams of finding a large amount of money in a newly purchased home, but can you imagine finding $5.9 billion? This is similar to what SoftBank found when they purchased Fortress Investment Group recently and found out that they had millions in bitcoins in their portfolio. Now that they have it, they’re trying to figure out what they are going to do with it.
SoftBank made their purchase of Fortress Investment Group for $3.3 billion and at the time, the considerable amount of cryptocurrency was not included in the company’s valuation. Apparently, the Bitcoin wasn’t included in the value as the cryptocurrency is not officially backed by anything. SoftBank’s founder Masayoshi Son is known for making investments in things that he believes will go up in value quickly, and many times these investments come with a fair amount of risk.
While the books stated that the Bitcoin assets of Fortress Investment Group were valued at $5.9 million, it is expected that they might be worth considerably more. Some have stated that they would not be surprised if they found that it was worth over $20 million. While SoftBank is excited about the discovery, there aren’t that many within the companies that are surprised by it. The co-chairman of Fortress, Peter Briger, is well known for being an enthusiast of the cryptocurrency along with their former macro fund manager.
Bitcoin has gone up considerably since the deal was completed adding millions to the value. While they haven’t decided exactly what they are going to do with the Bitcoin that belonged to Fortress Investment Group, it is assumed that they will not be selling it immediately. They expect the price in Bitcoin to make another jump in the near future and are waiting to see where the price goes. Due to talk of new contracts involving Bitcoin that will allow it to be easily shorted by investors, they may at least unload part of it rather quickly to avoid a complete loss if the price plummets. Whatever SoftBank decides to do, it was certainly a pleasant bonus to their purchase of Fortress Investment Group. A Force of Innovation: Two Decades of Fortress Investment Group
Original source : https://www.inc.com/profile/fortress-investment-group