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Vela Technologies surges as it increases stake in owner of blockchain development platform

BTL has created an enterprise-grade private blockchain development platform called Interbit

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Vela's stake in BTL is approximately C$6mln (equivalent to approximately £3.54mln)

Vela Technologies (LON: VELA) has bought 15,000 in BTL Group Ltd at an average of C$10.1966 per share, increasing it's stake in the company to 2.90%.

AIM-listed Vela, which backs early-stage companies that have disruptive technology, paid C$152,949 for it's recent purchase.

BTL is listed on the TSX Venture Exchange and it's closing mid-market price on December 22 was C$10.09 per share, valuing Vela's stake in BTL at approximately C$6mln (equivalent to approximately £3.54mln).

Operating globally, BTL has created an enterprise-grade private blockchain development platform called Interbit. Together with a growing list of global partners, the Interbit platform offers blockchain solutions to businesses across multiple industries.

Vela also holds a total of 25,000 warrants in BTL which are exercisable at a price of C$3.25 for a period expiring on 6 April 2019.

In mid-morning trading, Vela shares were up 20.74% at 1.15p.

Quick facts: Vela Technologies

Price: 0.08 GBX

AIM:VELA
Market: AIM
Market Cap: £1.38 m
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