Crypto Startup Block.one to Conduct Major Share Buyback
According to a recent report by Bloomberg, Block.one’s current valuation is roughly 6,567% higher than its seed round valuation, meaning investors have the option to exit with a significant return.
Block.one did not share with Bloomberg the reasoning behind the share buyback, but the news does come roughly a year after the startup sought to acquire 15% of its outstanding shares at $1,200 each. Block.one ended up paying around $300 million to acquire 13.8% of its outstanding shares.
Among the investors who have received the latest offer is billionaire Peter Thiel and fintech investor Christian Angermayer, who states that he does not plan to sell at this time.
“Block.one is one of the most promising and best-positioned companies in the blockchain industry, and its success story is just beginning,” Angermayer told Bloomberg.
One investor who has already cashed out is Mike Novogratz, the CEO of Galaxy Digitlal, who reported a 123% return and proceeds of $71.2 million in the transaction.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.