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EOS Startup Block.One Is Using Its Billions to Buy Back More Equity
Brady Dale
Brady Dale
Jun 6, 2019 at 16:00 UTC
Block.one, the company that built the EOS blockchain, is in the middle of another equity buyback in order to bring on more strategic investors, a source familiar with the matter told CoinDesk.
The company has previously conducted equity buybacks in order to resell those shares to new investors that it sees as helpful to its business, the source explained.
The source declined to provide further details about who would be joining Block.one’s list of backers.
Still, it’s helpful to revisit a previous instance of Block.one repurchasing equity from prior investors in order to bring on new ones. A recent report from Bloomberg – which cited a March 19 email to the startup’s shareholders – noted that some investors had received a 6,567 percent return on their Block.one holdings.
However, the Bloomberg report may have been unclear about which investors stood to gain so much.
“The buyback was designed for seed investors, who had been in for a long time, and it made room for potential future strategic shareholders in a way that didn’t unnecessarily inflate our balance sheet,” Brendan Blumer, Block.one’s CEO and one of the largest shareholders in the company, told CoinDesk.
“I did not participate,” he added.
Citing an email sent to shareholders on March 19, the Bloomberg report emphasizes the involvement of PayPal co-founder Peter Thiel, along with noted investors Alan Howard and Louis Bacon.
The source told CoinDesk that Thiel, Bacon and Howard are strategic investors that came on in July 2018, much later than the seed investors. As such, the source said, Thiel, Bacon and Howard saw a 30 percent gain on their investments – a healthy return but nowhere near the 6,567 percent trumpeted in Bloomberg’s headline.
Block.one declined to share with CoinDesk the investor email that Bloomberg reviewed. It also declined to give CoinDesk a timeline for its seed investments. Still, the source said Block.one actually goes back several years.
The company’s balance sheet is “stronger than ever,” the source told CoinDesk.
Bloomberg reported that the company had $2.2 billion, mostly in U.S. government bonds. The investor letter said it also held 140,000 BTC. If Block.one still holds that much, it would be worth over $1 billion at face value.
On Saturday, the company announced a new social media platform called Voice. The company plans to use its reserves to market the service aggressively to the public.
A spokesperson for Howard declined a request for comment. Bacon and Thiel did not reply to requests for comment.
Peter Thiel image via CoinDesk archives
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Newsletters次の投稿 次 Banana Upside Down Cake
This easy Banana Upside Down Cake recipe is such a perfect way to use up over-ripe bananas! Treat yourself to this decadent and soft cake baked with its own caramelized banana topping.
Ingredients
Banana Caramel Topping
1/4 cup butter unsalted
1/4 tsp salt
2/3 cup brown sugar packed
1 tsp vanilla extract
2 tbsp rum
3 large bananas not necessarily ripe (or 4), sliced
Banana Cake
1 1/2 cups all-purpose flour
2 tsp baking powder
1 tsp baking soda
1 tsp salt
1 tsp cinnamon ground
2 bananas ripe
1/2 cup butter unsalted, softened
3/4 cup sugar
2 large eggs
1/2 cup milk
1 tsp vanilla extract
Instructions
Prepare oven and pan: Preheat the oven to 350 F degrees and grease a 9×13-inch cake pan.
Make the topping: Heat the butter, salt, brown sugar, and vanilla in a skillet on the stovetop. Stir until the brown sugar has dissolved into the butter and the mixture bubbles. Remove from the heat and whisk in the rum. Spread the caramel evenly on the bottom of the greased cake pan, then top with sliced bananas.
Make the cake batter: In a small bowl whisk the flour, baking powder, salt, and cinnamon together. In a separate bowl, mash the ripe bananas using either a fork or a potato masher. Set aside.
In a stand mixer fitted with the paddle attachment, or a mixing bowl using a whisk, beat the butter with the sugar until light and fluffy. Add the eggs one at a time, making sure to scrape down the sides of the bowl between eggs. Stir in the bananas. Mix in half the dry ingredients, the milk and vanilla, and finally the remaining dry ingredients.
Bake the cake: Pour the cake batter over the caramel and banana slices and spread evenly using a spatula. Bake for 30-35 minutes.
Flip the cake: Let the cake cool for 10 minutes. Run a knife along the edges of the cake pan to release the sides.Turn the cake out onto a platter, cooling rack, or a cutting board. Wear oven mitts to protect your hands from hot caramel. Spoon excess caramel back over the cake, serve, and enjoy!
Notes
How to tell when cake is done baking: Use a toothpick and insert it 3/4 of the way through the cake. Once it comes out clean, your cake is all done. The reason I recommend that you don’t insert the toothpick fully is because of that caramel topping. That will stick to the toothpick regardless of the doneness of the cake, and you could risk over-baking it.
Storage: Transfer this cake to an airtight container and store in the fridge for 3 days. You can eat it cold, or microwave it for 30 seconds or until it heats up slightly.
Freezing: Store in an airtight container. You can store the pieces together or individually for easier thawing. Let the cake thaw fully in the fridge, and warm each slice up in the microwave before serving if you prefer the cake warm.
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