• Thu, 12 Dec 2019, 02:52 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Crypto bank Galaxy Digital sells Block.one stake for $71M as EOS maker eyes 10% buyback of its stock

Thu, 23 May 2019, 07:09 am UTC

Crypto merchant bank Galaxy Digital has sold the majority of its share in EOS developer Block.one for $71.2 million, which amounts to a 123% return on its initial investment.

The Michael Novogratz-founded company closed the transaction on Tuesday following a tender offer done on April 18. Its remaining shares will no longer hold a material investment position.

“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz said in its press release.

However, Galaxy Digital will still team up with Block.one on other businesses including the Galaxy EOS VC Fund, which backs startups that are developing the EOS.IO protocol.

The announcement was followed by a Bloomberg report that said that Block.one was eyeing a buyback of its stocks. The cryptocurrency startup plans to return as much as 6,567% to its earliest investors in less than 3 years.

The planned 10% buyback values the company at around $2.3 billion, up from just around $40 million valuation in the 2017 seed round. The repurchase price offered is $1,500 per share, a 6,567% increase from the original $22.50 price per share. For a $100,000 stake, this translates to a stunning $6.6 million.

A spokesperson declined to comment to Bloomberg the details of the stock repurchase.

Earlier this week, the Cayman Islands-registered firm revealed the launching of its EOSIO Explorer, which is a web-based graphical user interface (GUI) designed to enhance developers’ experience. The newly released explorer will help EOS software developers “interact [with] and monitor” dApps that are created on the smart contract platform.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,204.24 (-0.90%)
  • Ethereum (ETH) $143.02 (-2.19%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $206.75 (-0.69%)
  • Litecoin (LTC) $43.90 (-1.39%)
  • Bitcoin (BTC) $7,204.24 (-0.90%)
Dec 11, 2019 (Wednesday)
12:54
Wu Jihan once again takes over the helm at Bitmain as CEO
12:36
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:35
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:52
China securities watchdog appoints former head of PBoC Digital Currency Institute: Report
11:07
Crypto Technicals: ETH/USD consolidates below 5-DMA, scope for further weakness
10:52
Nike secures patent for blockchain-enabled “CryptoKicks”
09:44
BitPay rolls out stablecoin payments for merchants and consumers
08:52
Ripple improves Xpring platform to boost growth of XRP developer community
07:42
Crypto Technicals: BTG/USD extends weakness below 5-DMA, momentum strongly bearish
07:19
Blockchain technology poses money laundering, terrorist financing risks, says annual FINMA report
07:15
JPMorgan’s blockchain-based Interbank Information Network attracts interest from over 80 Japanese financial firms
06:57
Fiat Chrysler Automobiles joins IBM responsible mineral sourcing blockchain
06:30
Crypto Technicals: XRP/USD resumes weakness after rejection at 21-EMA, eyes trendline support at 0.1980
06:01
FinCEN sees spike in crypto-related suspicious activity reports after May advisory
05:14
Bank of Lithuania publishes paper on CBDC to nurture discussions around the new innovation
04:59
WeBank becomes technical infrastructure provider for China’s Blockchain Service Network
04:58
Crypto Technicals: BTC/USD slips below 61.8% Fib, more weakness on charts
04:03
Saga stablecoin launches on Liquid platform; Will slowly gain independence once client trust is established
03:09
Swiss crypto-financial firm acquires approval from Swedish regulators to offer ETPs across EU
Dec 10, 2019 (Tuesday)
12:09
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft