Galaxy Digital Sells $71.2 Million Worth of Shares for 123% Return

Galaxy Digital Holdings Ltd., a New York-based full-service crypto merchant bank that provides “distinct trading”, principal investment, and asset management services, has sold a significant amount of its outstanding shares in, a Cayman Islands-registered firm focused on publishing open-source software for EOS.

Founded by prominent crypto investor Michael Novogratz, Galaxy Digital has reportedly received $71.2 million after selling its shares in the company

123% Return On Investment (ROI)

According to a press release, published on May 21, 2019, Galaxy Digital’s management finalized the transaction involving the sale of its shares on Monday (May 20, 2019). This, after receiving (and accepting) a tender offer for its position in, which was reportedly made on April 18, 2019.

As noted in the announcement, the management at Galaxy Digital revealed it made a 123% return on its invested capital in Per the release, the digital asset merchant bank’s remaining shares in “will no longer maintain a material position.”

“Rebalancing Portfolio To Maintain Appropriate Level Of Diversification”

Commenting on the sale of its shares in, Novogratz, the CEO at Galaxy Digital, remarked: 

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.

The release mentioned that Galaxy Digital will maintain its partnership with - as the two firms are involved in various other businesses. Notably, Galaxy Digital operates an EOS-focused venture capital fund, which assists blockchain startups that are building decentralized applications (dApps) on the EOS platform.

In June 2018, and Galaxy Digital launched a $325 million joint initiative, called the EOSIO Ecosystem Fund. As its name implies, the EOS-focused fund will be used to provide funding to various projects that are supporting the ongoing development of EOSIO, one the largest smart contract-enabled, blockchain-based development platforms.

In July 2018, had reportedly received substantial investments from Peter Thiel, the co-founder of PayPal, and Jihan Wu, the co-founder of crypto mining giant Bitmain.

Galaxy Digital’s exit appears to have come as part of’s 10% buyback program from holders of its company shares. As confirmed by Bloomberg,’s buyback offer has been valued at approximately $2.3 billion, which represents an increase of almost 66x its original value (in 2017). is Holding 140,000 Bitcoin

During’s seed funding round in 2017, the company’s shares had been offered at $22.5 (per share). The current repurchasing price for’s company shares is about $1,500 (per share).

Currently, has around $3 billion in total assets, which includes cash and investments (as of February 2019). This, according to an email sent to’s shareholders on March 19, 2019. The software developer is also holding approximately 140,000 Bitcoin (BTC), currently valued at $1.12 billion, in its treasury.

TRON’s Justin Sun Giving Away $1.2 Million for UBI, 50,000 TRX to Telegram Group

Michael LaVere
  • TRON's Justin Sun is supporting US presidential candidate Andrew Yang's UBI by giving $1.2 million to 100 people in 2020.
  • Sun and the TRON Foundation also announced a 50,000 TRX ($75K) giveaway through the official TRON telegram group.

TRON founder Justin Sun has announced that he will be giving away $1.2 million to 100 people next year to support U.S. presidential hopeful Andrew Yang’s universal basic income (UBI) program, in addition to kicking off a 50,000 TRX ($75K) giveaway for users of the cryptocurrency’s Telegram group. 

Sun Supporting Andrew Yang’s UBI

Sun, who paid $4.6 million earlier in the year to host a charity lunch with Warren Buffett, has now pledged to give $1.2 million to 100 people in 2020. TRON's founder also announced that one of the 100 selected for the giveaway will be invited to his charity lunch, which was originally postponed after Sun came down with kidney stones. 

Sun has asked U.S. presidential candidate Andrew Yang for assistance in the selection process. Yang, who has a background in entrepreneurship, has built his campaign upon the idea of universal basic income (UBI), which would guarantee U.S. citizens a monthly stipend. In addition to championing the idea on the campaign trail, Yang has pledged to distribute $1,000 per month to 10 people for the next year. 

Sun has taken the movement a step forward, by pledging to support 100 people at $1000 per month for the entirety of 2020.

TRX Telegram Giveaway

In addition to promoting UBI and Andrew Yang’s cause, Sun also announced the start of a 50,000 TRX giveaway, worth $75K, for community members using TRON's telegram channel. According to tweets published by Sun and the TRON Foundation on Sept. 16, TRON supporters can gain TRX by joining and inviting others to the coin’s official Telegram group. 

In order to qualify for the promotion, users will need to engage in a conversation with the @TRONEnBot through the telegram application. From there, the TRX payout will be tied to the number of invited users who join the Telegram group. The first and second place prize are worth 5000 and 2500 TRX, respectively, with the remaining 32,500 TRX being split among the rest of users.

Featured Image Credit: Photo via