Coinsilium PLC saw its interim profits soar as its portfolio of blockchain, DeFi and cryptofinance start-ups jumped in value alongside a surge of investor interest in cryptocurrencies and NFTs (non-fungible tokens).
Profits in the six months ended June 2021 jumped to £326,000 (2020: £27,000) as the value of its financial assets leapt by almost £800,000 to £2.94mln, while the value of its current assets including cryptocurrencies and tokens rose to £1.2mln from £0.95mln.
Cash at the period end stood at £1.87mln after two funding rounds.
In July 2021 and reflecting its rapid growth, Coinsilium was admitted to the Apex Segment of the AQSE Growth Market, a segment intended for larger, more established businesses on the exchange.
Coinsilium said it was moving forward with "an unprecedented level of confidence".
"We are operating in one of the most dynamic technology sectors globally with a sound strategy and a solid financial base," it added.
Malcolm Palle, Coinsilium’s chairman, said it had been an “incredibly busy” six months for the company.
“This has continued at pace post-period end, with particular regard to our involvement with NFTs where our operations and activities have placed us at the vanguard of the space.
"Interest in cryptocurrencies remains high in spite of some instances of intense volatility that we have experienced year to date; only recently did the Boston-based investment giant Fidelity air a webcast which included a projection that, on a fifteen year-scale, Bitcoin has the ability to reach a price of US$100mln based on the 'stock-to-flow' model.
“In the near term however we remain somewhat more circumspect, though industry projections of a $100k Bitcoin price by the end of 2021 are no longer considered outlandish.”
Ona company level Palle said: “Our improving profitability and robust cash levels are most pleasing to see”
Demand for NFTs has exploded this year after digital artist Mike Winkelmann also known as ‘Beeple’ sold one for $69mln in March.
Financial giant Visa (NYSE:V) even got involved in August when it splashed out US$150,000 on a CryptoPunks NFT created by digital artists Larva labs.
Sales of CryptoPunk NFTs topped US$300mln in August following Visa (NYSE:V)'s move.