The cryptocurrency trading bank Galaxy Digital sold $71.2M worth shares of the Block.one startup, which stands behind EOS creating. Thus, according to a press release, since the moment the bank bought the stake, its value has increased by 123%.
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. 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.
CEO/Founder, Galaxy Digital
The transaction was successfully completed on May 20. At the moment, the remaining share in the control of Galaxy Digital in a startup can no longer be considered a significant investment [below $ 100 million].
The bank and Block.one will continue to cooperate within the framework of the Galaxy EOS VC Fund venture fund for $ 325 million, which invests in projects that create products based on the EOSIO protocol.
Trading of Galaxy Digital LP shares on the Canadian TSX Venture Exchange started on August 1, 2018. Mike Novogratz’s share in the cryptobank is 79.3%.
Earlier, the media reported that the bank intends to raise up to $ 250 million in lending to cryptocurrency companies in dire straits.