NFT Investments PLC - Operational Update
RNS Number : 2383D
NFT Investments PLC
28 June 2021
 

Press Release

28 June 2021

 

 

 

NFT Investments PLC

 

("NFT Investments" or the "Company")

 

Operational Update

 

NFT Investments PLC, (AQSE: NFT), an investment company specialising in non-fungible tokens ("NFTs"), is pleased to provide an operational update and report excellent progress with its investment strategy despite difficult trading conditions in the crypto market.

 

Trading conditions in the cryptocurrency markets, led by Bitcoin, have seen a sharp downturn since the Company's flotation on AQSE on 16 April 2021. The price of Bitcoin has declined by about 50% from approximately $63,000 to $31,200 as of 26 June 2021. This has also impacted asset values in the non-fungible tokens (NFT) market; for example, the price of Flow has fallen by approximately 78% from $36 to $8 over the same period. 

 

However, NFT's highly selective and cautious investment policy, together with the Board's considerable industry experience, has positioned the Company to take advantage of the unexpected industry correction at more attractive valuations as and when investment conditions stabilise.

 

As announced on 22 April 2021, the Company made its first investment in Aeon for $1 million and is in the process of completing two further investments for a combined £1.1m, details of which will be disclosed once binding agreements are signed. Other potential new investment opportunities are also under review but will only be advanced if these meet NFT's due diligence and investment criteria.

 

The Company currently has zero exposure to cryptocurrencies having made a 5.2% return amounting to US$440,000 on crypto token investments before exiting the market prior to the latest industry decline.

The Company's balance sheet remains robust with £34.1 million held in fiat currency and stable coins as of 28 June 2021, compared with net proceeds of £35m from the IPO and pre-IPO fundraise.

 

Jonathan Bixby, Executive Chairman of NFT, said: "NFT has a proven and experienced management team, we have experienced sudden crypto downturns before and we will continue to follow a prudent and hands-on investment strategy that has already been vindicated by the current down-cycle. Nevertheless, growth opportunities in digital assets and NFTs offer considerable potential for generating value for long term investors."

 

The directors of NFT Investments accept responsibility for this announcement.

For further information please contact:

NFT Investments

 

Jonathan Bixby

Executive Chairman

Neil Thapar

Investor Relations

via Tancredi +44 207 887 7633

 

 

+44 7876 455 323

First Sentinel

 

Corporate Adviser

Brian Stockbridge

 

+44 7876 888 011

Tennyson Securities


Corporate Broker

Peter Krens

+44 207 186 9030

Novum Securities


Corporate Broker

Colin Rowbury

Jon Belliss

+44 207 399 9427

Tancredi Intelligent Communication

Media Relations

 

Salamander Davoudi

Helen Humphrey

Edward Daly

nftinvestments@tancredigroup.com

+44 7957 549 906

+44 7449 226 720

+44 7861 430 057

 

 

About NFT Investments:

NFT Investments plc is an investment company specialising in non-fungible tokens ("NFTs") and is the first ever NFT vehicle to list in a major jurisdiction worldwide. The Company invests in a diversified portfolio of NFTs, cryptocurrency, and/or in companies or funds which have exposure to NFT or blockchain technology. The Company's leadership team have an extensive track record in the cryptocurrency sector and previously founded Argo Blockchain PLC, a global crypto miner. NFT Investments is headquartered in London, UK and its shares are listed on the Aquis Exchange Growth Market under the ticker symbol NFT.

https://www.nftinvest.pro/

 

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