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    9984   JP3436100006

SOFTBANK GROUP CORP.

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SoftBank invests $200 million in Latam cryptocurrency exchange

07/01/2021 | 07:28am EDT
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo

NEW YORK (Reuters) - Japan's SoftBank Group Corp has invested $200 million in Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America, said Roberto Dagnoni, executive chairman and chief executive officer of 2TM Group, the trading platform's parent company.

The investment, raised in a Series B funding round, was made through SoftBank Latin America Fund and represents the Japanese multinational company's largest investment in a Latin American crypto company. As a result of the investment, 2TM said its valuation reached $2.1 billion.

The SoftBank capital raise comes at a time when investor sentiment on cryptocurrencies has soured amid regulatory crackdowns in China, Britain and Japan. That has led to outflows from crypto investment products and funds the last few weeks.

Dagnoni, however, was unfazed by the current slump in cryptocurrencies.

"We are strong believers in the fundamentals of crypto," Dagnoni told Reuters in a phone interview.

Mercado Bitcoin will use the funds to scale its operations, expand offerings, and invest in infrastructure to meet rising demand for crypto in the region, 2TM said in a statement.

"The platform is quite integrated. So custody is very important in releasing the power of the institutional market," Dagnoni said in the interview.

"We're also looking at regional expansions in Latam and expansions via M&A (mergers and acquisitions) as well," he added.

Mercado Bitcoin, which launched in 2013, has grown significantly over the past year, with its client base reaching 2.8 million in 2021, more than 70% of the entire individual investor base in Brazil's stock exchange, 2TM said.

Between January and May 2021, approximately 700,000 new customers signed up to use Mercado Bitcoin's services, the company said. During the first five months of the year, trade volume at the crypto exchange also increased to $5 billion, surpassing the total for its first seven years combined.

(Reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Matthew Lewis)

By Gertrude Chavez-Dreyfuss


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN - EURO -3.61% 36682.84 Real-time Quote.58.03%
BITCOIN - UNITED STATES DOLLAR -3.68% 43055.4 Real-time Quote.50.87%
MSCI EM LATIN AMERICA (STRD) 0.06% 2335.518 Real-time Quote.-6.78%
SOFTBANK GROUP CORP. 1.90% 6449 End-of-day quote.-19.97%
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Financials
Sales 2022 6 040 B 54 628 M 54 628 M
Net income 2022 1 310 B 11 846 M 11 846 M
Net Debt 2022 14 983 B 136 B 136 B
P/E ratio 2022 8,86x
Yield 2022 0,68%
Capitalization 11 048 B 100 B 99 917 M
EV / Sales 2022 4,31x
EV / Sales 2023 4,08x
Nbr of Employees 58 786
Free-Float 69,3%
Chart SOFTBANK GROUP CORP.
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SoftBank Group Corp. Technical Analysis Chart | 9984 | JP3436100006 | MarketScreener
Technical analysis trends SOFTBANK GROUP CORP.
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Mean consensus BUY
Number of Analysts 15
Last Close Price 6 449,00 JPY
Average target price 10 345,20 JPY
Spread / Average Target 60,4%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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