NFT Investments PLC Operational Update (2383D)
June 28 2021 - 2:00AM
UK Regulatory
TIDMNFT
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 GBP1.1m, 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 GBP34.1 million
held in fiat currency and stable coins as of 28 June 2021, compared
with net proceeds of GBP35m 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 via Tancredi +44 207 887 7633
Executive Chairman
Neil Thapar
Investor Relations +44 7876 455 323
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First Sentinel
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Corporate Adviser
Brian Stockbridge +44 7876 888 011
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Tennyson Securities
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Corporate Broker
Peter Krens +44 207 186 9030
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Novum Securities
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Corporate Broker
Colin Rowbury
Jon Belliss +44 207 399 9427
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Tancredi Intelligent Communication
Media Relations
------------------------------
Salamander Davoudi
Helen Humphrey +44 7957 549 906
Edward Daly +44 7449 226 720
nftinvestments@tancredigroup.com +44 7861 430 057
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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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