Reglikedomain industry desk

Minds + Machines picks up another $3.5 million from losing auctions: Cha-ching

Minds + Machines picks up another $3.5 million from losing auctions: Cha-ching

Fresh TLD firm reaps millions from losing .art and .data auctions.

Minds + MachinesFresh top level domain name firm Minds + Machines has padded its bank account with another $3.5 million as a result of losing two more top level domain auctions.

The firm 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 regarding $50 million in its bank account, the firm 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 firm is tightening its belt for the long run. This is a mature decision that bodes well for the firm’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.

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