Block.one buys back 10 percent of its shares, ensures 6,567% returns
- EOS raised $4 billion from record-breaking ICO.
- The company stated that the crypto losses were “more than fully recovered.”
According to a recent report, Block.one, the company behind EOS, has decided to buy back 10% of its shares from its early investors. In the process, the earliest backers will get a 6,567% ROI in less than three years. Names like Peter Thiel, Alan Howard, and Louis Bacon are included in the list of investors. The firm is offering $1,500 for each share compared to the seed round pricing of $22.50. EOS had earlier raised $4 billion from its year-long token sale making it the largest ICO till date.
The company disclosed that $2.2 billion worth of its investments are in U.S. government bonds. Despite holding 140,000 bitcoins, the company’s crypto portfolio took a massive hit in the bear market. However, the company stated that the crypto losses were “more than fully recovered” with the recent Bitcoin rally. It is not certain whether the early investors are going to cash out after the buyback. Christian Angermayer, an early Block.one backer said:
“Block.one is one of the most promising and best-positioned companies in the blockchain industry, and its success story is just beginning.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
