Galaxy Digital Holdings is selling a portion of its Block.one position, making it no longer a "material investor" in the company. Galaxy accepted a tender offer on its ordinary shares on May 20, according to a release.
Galaxy received $71.2 million in the deal, relinquishing its "material investor" position. Such a designation usually means a position of more than $100 million. Still, Galaxy said it takes multiple factors into account to determine if a position is “material.”