Crypto Merchant Bank Galaxy Digital Sells Shares in EOS Creator Block.One for $71 Mln
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 Following the deal, Galaxy Digital’s investment in Block.One no longer represents a material investment position, the press release notes. Novogratz underscored that the deal does not indicate an end to the bank’s close relationship with Block.One. 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. As of November, the company had reported a loss of $136 million in the first three quarters of that year, pointing to an effectively doubling of its losses in the space of the last three months of 2018.Last year, Block.One had notably secured investments from billionaire PayPal co-founder Peter Thiel and crypto mining hardware billionaire Jihan Wu of Bitmain.