$71 Million: Galaxy Digital Sells Stake in EOS Blockchain Maker Block.One

Published on by Coindesk | Published on

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Galaxy Digital, the crypto merchant bank founded by former hedge fund manager Michael Novogratz, has received $71.2 million after selling its shares in Block.

Galaxy Digital said in an announcement on May 21 that it closed the transaction on Monday after a tender offer for its position in Block.

The firm claims it made a 123 percent return on the realized investment and following the transaction, its remaining shares in Block.

Galaxy Digital added it will still partner with Block.

One on other businesses such as the Galaxy EOS VC Fund, which primarily backs startups that are developing applications on the EOS blockchain network.

One received investment from a number of big-name investors such as PayPal co-founder Peter Thiel and Bitmain co-founder Jihan Wu. Galaxy Digital's exit comes as part of Block.

One's buyback program of 10 percent of its company shares.

According to a report from Bloomberg on Wednesday, Block.

The repurchase price for the buyback is around $1,500 per share.

One had about $3 billion in assets including cash and investments at the end of February, based on a March 19 email Block.

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