Block.One founder Brendan Blumer lost over $70M on Silvergate

03/06 13:27

According to Protos, by November 16, EOS and Block.One founder Brendan Blumer had spent over $90 million to buy 9.27% of Silvergate stock. Since then, the crypto-friendly bank has collapsed by over 80% — Blumer has personally lost at least $74 million. In a press release announcing Block.One and Blumer’s investments, Blumer is referred to as a passive investor. Technically, the company Block.One owned a 7.5% stake in Silvergate as of November 16; Blumer owned the 1.7% balance listed on the SEC filing. For regulatory purposes, Blumer admitted to being the beneficial owner of all 9.27%.
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