Block.one, a company with deep roots in Blacksburg, has $3 billion worth of assets, according to a report from Bloomberg.
The story, published Tuesday night, cited anonymous sources and an email that Block.one reportedly sent its investors on March 19.
A Block.one spokeswoman declined to comment on the figures when reached by email Wednesday. But the reporting offers the latest insight into the unique, mostly opaque business that has set up shop in Virginia Tech’s backyard.
The company was created in part by Dan Larimer, a former Virginia Tech student and longtime Christiansburg resident. He says his team of engineers is building tools that will power the next age of the internet, using blockchain technology to revolutionize the way data is stored and shared.
Block.one also launched its own cryptocurrency, EOS, when it formed as a startup in 2017. That so-called initial coin offering made national headlines when it raised about $4 billion.
Since then, Block.one has been hiring aggressively at its various offices around the world, including in Blacksburg. It purchased a large office in the Virginia Tech Corporate Research Center and a company spokeswoman last year called the town an “important center for this growth.”
The company also has a corporate office in Hong Kong, and another location in Los Angeles.
On Wednesday, Block.one had 64 job openings advertised on its website, including 28 in Blacksburg.
The company also gave a $3 million gift to Virginia Tech last year in order to establish a more robust blockchain curriculum at the university.
But otherwise, Block.one likes to keep a low profile while amassing more money than the region has seen from a startup.
According to the Bloomberg story, Block.one told investors in the email that at the end of February it had cash and investments totaling $3 billion. Of that, $2.2 billion are in “liquid fiat assets” like U.S. government bonds.
Block.one also said it has $500 million in its cryptocurrency portfolio, but that figure is in flux as the volatile digital currency markets bob up and down.
The company has also been involved in $174 million worth of venture capital investments, according to Bloomberg.
The article says Block.one is in the middle of a stock buyback right now, which will give early investors a 6,567% return.