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CryptoCorner: Galaxy Digital (TSXV: GLXY.V) Sells Block.one Shares in Broader Buyback from the Latter, Square (NYSE: $SQ) Close to First Crypto Hire

 

Point Roberts, WA and Delta, BC - May 22, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Galaxy Digital (TSXV: $GLXY.V) Sells Block.one Shares in Broader Buyback from the Latter, Square (NYSE: $SQ) Close to First Crypto Hire

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Stocks discussed: (TSXV:GLXY) (Frankfurt:7LX) (NYSE:SQ)

Digital asset merchant bank Galaxy Digital Holdings Ltd. (TSXV:GLXY) (Frankfurt:7LX) has sold its shares of EOS developer Block.one for $71.2 million. This sale, which earned Galaxy a 123% return on its investment, means that the company's remaining investment is no longer considered a material investment position. Michael Novogratz, CEO and Founder of Galaxy Digital, said:

"The acceptance of Block.one'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 Block.one 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."

This comes as part of a broader buyback attempt from Block.one, according to Bloomberg. The share repurchase price amounts to some 6,567 percent of initial investments in the company, and positions its valuation at about $2.3 billion - up from $40 million in the 2017 seed.

Mobile payments company Square (NYSE:SQ) tweeted yesterday that it is nearing an initial hire for its anticipated crypto project.

We are close to making our first hire. So let's set some expectations. True to @jack's [company CEO Jack Dorsey] founding tweets, we are building open source projects that will make mass adoption not just possible but inevitable.

Our goal isn't to make money, but to improve it.

Israel's Central District Court ruled that Bitcoin (BTC) is an asset and not a currency, according to local outlet Globes. This ruling agrees with the Israel Tax Authority, which had contested blockchain startup DAV founder Noam Copel's claim that Bitcoin should be classified as a foreign currency. Copel sold his Bitcoin in 2013 for a profit of $2.3 million.

Cointelegraph reports that three major crypto exchanges in Japan - Bitpoint, DMM Bitcoin and Coincheck - have seen a 200 percent increase in new accounts being opened. Bitpoint alone saw a tripling of daily account openings from March to May, and DMM Bitcoin's account openings doubled in the same period.

Sam Mowers, Investorideas

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