SoftBank is one of Japan’s largest corporations and it has been reported that they are in negotiations with Tether to establish a $3bn Bitcoin-based treasury fund. The vehicle will then be publicly listed. According to Bloomberg, the structure is expected to be capitalized in Bitcoin—not fiat—with SoftBank contributing $900 million, Tether $1.5 billion, and Bitfinex $600 million.
If finalized, the entity would launch with approximately 32,000 BTC—instantly ranking among the top five Bitcoin-holding public companies globally. This would mark an expansion of the corporate strategy, which has already redefined capital formation – that is, the Bitcoin treasury.
Bitcoin: Why Businesses are Turning to it
Bitcoin has become a more mainstream concept. For a growing number of public companies, Bitcoin is becoming a foundational capital asset—one that enables not only preservation of purchasing power, but accelerated access to new forms of capital.
The most obvious example of this shift can be seen in Strategy (formerly MicroStrategy), a company which pioneered the Bitcoin Treasury strategy. As CEO Phong Le explained during his MIT Bitcoin Expo keynote: “We outperformed the entire Nasdaq, the entire S&P 500, the entire Mag Seven… and we outperformed Bitcoin.”
Results of strategies were not driven solely by timing speculation. Structure was the driving force behind their success. The company reimagined its balance sheet as a capital engine—raising funds, deploying into Bitcoin, and making its holdings fully transparent in near-real time.
Le argued that many companies underperform not due to execution failure, but because they remain trapped in outdated financial models—models that favor fiat, prioritize defensive posturing, and ignore the velocity advantages of digital capital.
SoftBank Joins Metaplanet to Rise in Japan’s Bitcoin Treasury
Japan has already set a standard for benchmarking, despite the attention that SoftBank is attracting.
Metaplanet Inc. achieved one of most notable corporate transformations on global markets in 2024. Once a struggling hotel operator, the company pivoted into a Bitcoin treasury strategy and became the best-performing stock in the world—with a 100x market cap increase.
Metaplanet didn’t just accumulate Bitcoin. It rebuilt its capital structure around it—using Bitcoin to drive debt issuance, equity raises, and treasury allocation. The company’s performance was now measured not by earnings per share but rather on BTC YieldAmount of Bitcoins held in relation to the fully-diluted share price.
Metaplanet reached a BTC Yield in Q1 of 2025 of 15,3%. Its target is 35% each quarter. In response, the market reprices Metaplanet’s shares based on their Bitcoin performance.
Metaplanet proved that the Bitcoin treasury model works in Japan—and that it can scale. This success has opened doors for bigger firms to take over and develop the strategy.
SoftBank’s Contribution to Scaling up the Bitcoin Treasury of Corporates
What SoftBank brings to this evolving corporate category isn’t novelty—it’s magnitude.
SoftBank has $32.9 billion of cash, and a net worth of nearly $200 billion. A $900,000,000 Bitcoin allocation is only 2.7%. Structured through a publicly traded company that is seeded with Bitcoin, this becomes a highly visible signal for global markets.
The proposed joint venture—unlike an ETF or synthetic fund—is a Bitcoin-native operating company designed for public equity markets. This allows for investors to access Bitcoin via a conventional channel while also creating opportunities for new forms of capital through BTC backed financial instruments.
The structure will also help fill an important gap in Japan where there is currently no Bitcoin ETF. The country would have the easiest, most liquid, and institution-credible vehicle to expose itself to Bitcoin.
SoftBank is not entering new territory. It would be scaling a proven, institutionalized model—bringing broader market access and deeper liquidity to a capital strategy already reshaping corporate finance.
Bitcoin Treasury Strategy: A Definitive Moment
If completed, SoftBank’s move would be among the largest Bitcoin treasury deployments in corporate history—and the most significant to date in Asia.
It signals that Bitcoin is no longer an experimental reserve—it’s programmable capital. It allows for companies to transform idle balance sheet assets Platforms for productive and strategic capital investment
It is clear that the corporate Bitcoin treasury age has begun. SoftBank has the balance sheet, reputation, and infrastructure to take it even further—scaling a model that’s already reshaping capital markets from the inside out.
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Source: bitcoinmagazine.com
