A crypto startup backed by legendary VCs Peter Thiel, Alan Howard and Louis Bacon is buying back shares from its seed investors in a round of ‘share buybacks’ that will massively inflate its valuation – at least on paper.
Block.one, a crypto startup that raised $4 billion during one of the most successful ICOs in history, has decided to pay back (some might say pay off) its earliest investors by buying back their shares – initially purchased for about $22.50 – for $1,500. That’s a staggering 6,567% return, spread across two years. By comparison, bitcoin climbed 1,900% between the beginning of 2017 and its peak in December.
While it once promised to build a new ‘secure’ version of the Internet, Block.one hasn’t done much with its massive mountain of capital. Aside from a few ventureRead More »