NFT Investments PLC (AQSE:NFT), an investment firm specialising in the market for non-fungible tokens (NFTs), has said it deployed over US$16mln into purchasing bitcoin (BTC) and ether (ETH) from November 2022 to early January 2023.
In its latest investment report, the Aquis-quoted group said the move is to safeguard its cash reserves until adverse market conditions improve, but with the recent rally sending benchmark crypto assets higher, NFT Investments has already seen its US$16mln deployment increase in value by 37%.
NFT Investments had an unaudited net asset value of US$33.2mln (3.3p per share) as of 29 January 2023, including US$27.8mln in liquid crypto and cash equivalents. The current share price is now 75% below the company NAV.
In the statement, NFT Investments' executive chairman Jonathan Bixby commented: "Our team successfully anticipated the adverse market trends in the digital asset sector - the so-called 'Crypto Winter' - and reacted quickly to safeguard the company's assets and wait for the bottom of the market.
“We identified an opportunity to generate value for our investors by leveraging our considerable cash reserves in November 2022, and we are delighted by our timing and the subsequent positioning of our treasury. We are very excited that our balance sheet is getting stronger and stronger and that we are now over 90% deployed into a rising market".