EOS Developer Block.One Attempts 10% Private Buyback of Its Stock
EOS developer Block.one is attempting a 10% buyback of its stock, offering backers a share repurchase price that will return as much as 6,567% on their initial investments. As As reported today, Michael Novogratz’s crypto merchant bank Galaxy Digital accepted the buyback offer and sold its shares in Block.one for $71.2 million — realizing a 123% return on its initial investment. Novogratz stated that substantial outperformance from Block.One had contributed to the decision.Bloomberg cites a March 2019 email to shareholders that reportedly indicated that EOS’ total assets, including cash and investments, amounted to $3 billion at the end of February. $2.2 billion of these were held as what the company termed in its email “liquid fiat assets,” with most invested in U.S. government bonds. The email also reportedly revealed that the company’s crypto portfolio had halved to around $500 million during the bear market.