New TLD company reaps millions from losing .art and .data auctions.
New top level domain name company Minds + Machines has padded its bank account with another $3.5 million as a result of losing two more top level domain auctions.
The company got the money from losing private auctions for .art and .data.
Minds + Machines still has an interest in 7 contested strings, so it might pick up even more cash from losing auctions in the future.
With about $50 million in its bank account, the company is considering the best way to return excess cash to shareholders. It is considering a special dividend or share buybacks. One of its board members, Elliot Noss, has done significant share buybacks at Tucows.
Despite the big cash hoard, the company is tightening its belt for the long run. This is a mature decision that bodes well for the company’s future.
In other Minds + Machines news, former board member and co-founder Frederick Krueger sold another 20 million shares. He only has 21.5 million left.
It could be FK is out already, still awaiting a holding RNS. (40m shares sold yesterday)