CoinDesk reports that Block.One, the company developing the EOS blockchain, is using its funds to buy more equity with the agenda of onboarding more strategic investors, sources close to the publication said.
Block.One CEO, Brendan Blumer, told CoinDesk that room had been made for finding more strategic shareholders,
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…I did not participate.
This is not the first time that Block.One has bought back equity – Bloomberg, after having seen an email sent to shareholders, reported on March 19 that Block.One had paid investors their returns and bought back 10% of its stock value. This was preceded by a re-acquisition of 13.8% of outstanding shares.
While Block.One says that it has a strong balance sheet, investors themselves are concerned about the development of the project. Blumer has said that “great things take time” in response to EOS’ development schedule, as some investors are criticising the decision to launch a social media dapp on the blockchain, and CTO Dan Larimer for starting multiple projects.