Galaxy Digital Sells Stake in Block.One for Over $71 Million

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Crypto merchant bank Galaxy Digital has sold its shares in EOS blockchain maker to the tune of $71.2 million. The bank claims it made a 123 percent return on the realized investment.

According to an announcement from Galaxy Digital, a tender offer for its shares was made on April 1 and the transaction was closed on Monday. Following the transaction, the bank’s remaining shares in will no longer maintain a material investment position.

The acceptance of’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,” Galaxy Digital founder Mike Novogratz said.

The sale doesn’t mean Galaxy Digital is cutting all ties with The bank will continue to partner with the blockchain maker on projects such as the Galaxy EOS VC Fund, a fund that is used to provide backing to startups developing apps on the EOS blockchain network.

We continue to work closely with as a key partner across a number of our business lines … and remain excited about the EOS.IO protocol,” said Novogratz.

Share buyback program

The share sale is part of’s buyback program for 10 percent of its company shares. According to a Bloomberg report,’s buyback offer has the company valued at around $2.3 billion, which is nearly 66 times more than what it was valued at during its 2017 seed funding round.

The buyback program’s repurchase price has similarly increased to around $1,500 per share, which is a massive increase compared to the $22.5 per share offered in 2017. itself reportedly had about $3 billion in cash and investment assets at the end of February 2019. The blockchain firm is also estimated to be holding as many as 140,000 bitcoin.