Crypto Bank Galaxy Digital Sells Stake In EOS Creator Block.One For $71M USD

Blockchain, News | May 23, 2019 By:

Galaxy Digital, Mike Novogratz’s crypto-focused merchant bank, has sold its shares in, the developer of the EOS blockchain, for $71.2 million.

In a press release, Galaxy Digital said that on April 18, it accepted a tender offer in the ordinary shares of and closed the deal on May 20. The company claims it made a 123 percent return on the realized investment. Following the transaction, Galaxy Digital’s remaining ordinary shares in will no longer represent a material investment position.

Michael Novogratz, CEO and Founder of Galaxy Digital, said that 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.

“We continue to work closely with 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,” Novogratz said.

The Galaxy Digital deal is part of’s buyback program of 10 percent of its company shares. The buyback offer values the company at around $2.3 billion, up from just around $40 million valuation in the 2017 seed round. The repurchase price for the buyback is around $1,500 per share, a 6,567% increase from the original $22.50 price per share.