(Bloomberg) — Billionaire moneymen Peter Thiel, Alan Howard and Louis Bacon have seen plenty of big paydays—but probably none as unusual as this one.
A buyback by Block.one, a cryptocurrency startup, will return as much as 6,567% to its earliest investors—in less than three years. That translates into $6.6 million for a $100,000 stake, a stunning result any time but especially in a market that crashed in 2018.
“Block.one is very much the odd one out in the crypto market,” said Tom Shaughnessy, co-founder of Delphi Digital, a crypto research firm in New York.
Block.one stands out because of the scope of its ambitions and size of its balance sheet: it raised about $4 billion in the biggest sale of digital tokens. The promise is to help produce key