Crypto Merchant Bank Galaxy Digital Sells Shares in EOS Creator Block.One for $71 Mln

Crypto merchant bank Galaxy Digital has sold its shares in EOS developer Block.

According to the release, the bank reportedly accepted EOS' tender offer back in April, closing the transaction on May 20 to realize a 123% return on its initial investment.

Following the deal, Galaxy Digital's investment in Block.

One no longer represents a material investment position, the press release notes.

"We continue to work closely with Block.one as a key partner across a number of our business lines, including the Galaxy EOS VC Fund, which invests in companies building on the EOS.IO protocol, and remain excited about the EOS.IO protocol."

As Cointelegraph has previously reported last December, Galaxy Digital and Block.

One's joint Galaxy EOS VC fund led a $30 million Series A investment round in United States neo-banking platform Good Money.

This January, Novogratz - a former Goldman Sachs partner - increased his shares of Galaxy Digital to 79.3%. And in April, Galaxy Digital revealed it had posted a net loss of $272.7 million in 2018, ostensibly as the slump in cryptocurrency prices took its toll.

One had notably secured investments from billionaire PayPal co-founder Peter Thiel and crypto mining hardware billionaire Jihan Wu of Bitmain.

To press time, EOS is ranked the fifth largest cryptocurrency by market cap globally, and has seen virtually no price change over the past 24 hours, trading at $6.25.