Vitalik Buterin Sold 500,000 Ethereum to Mike Novogratz for $0.99 Each – Decrypt

Vitalik Buterin Sold 500,000 Ethereum to Mike Novogratz for $0.99 Each - Decrypt

Here’s a crypto tidbit for you.

In late 2015, Ethereum co-founder Vitalik Buterin sold half a million Ethereum (ETH) to Galaxy Digital CEO Mike Novogratz in an over-the-counter transaction. He sold each ETH for just $0.99.

Today that nest egg would have been worth $229 million.

Novogratz explained how the sale happened during an interview with YouTube channel Nugget’s News. He said that he met up with college roommate Joseph Lubin to discuss purchasing a 25% stake in his venture studio ConsenSys—the firm, incidentally, also funds an editorially independent Decrypt.

Novogratz was inspired by Lubin’s belief in Ethereum. He was sold on the idea that it could be used to disrupt a variety of industries. But when buying a stake in ConsenSys became more complicated than Novogratz initially thought, he figured he should at least buy some Ethereum.

“I was at least intelligent enough to say I’m not leaving until I buy some of the ethers,” he said.

At the time, Ethereum was tricky to buy since few exchanges, particularly in the US, supported it. It was trading at around $0.95 at the time.

Mike Novogratz has been bullish on Bitcoin for many years. Image: Shutterstock.

Novogratz said, “I called him [Ethereum cofounder, Vitalik Buterin] up; I had met him once at a dinner. He remembered me but didn’t know me. He thought it was good for the community to have a Wall Street guy buying, so I bought half a million ether at $0.99 maybe, $0.98. He changed the price on me at the last minute from 98 to 99 because I had waited too long, and the price went up.”

He added, “And then I really became much more of a crypto maniac.”

Novogratz on buying Bitcoin

By that point, Novogratz


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