Mike Novograts's Galaxy Digital sold $ 71.2 million stake in a startup Block.one

The cryptocurrency trading bank Galaxy Digital sold shares of the Block.one startup behind the creation of the EOS blockchain for $ 71.2 million. Thus, according to a press release , since the moment the bank bought the stake, its value has increased by 123%.

“We decided to accept the offer due to the need to balance the investment portfolio to ensure a sufficient level of diversification, since the value of this asset substantially outpaced the growth of the rest of the portfolio ,” said Mike Novograc.

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].

We note that 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.

Recall trading in shares of Galaxy Digital LP on the Canadian TSX Venture Exchange started on August 1, 2018. Mike Novograz’s share of 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.

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