NFT Investments PLC (AQSE:NFT) sold a 25% equity stake in Kodoku Studios.
Kodoku, described by NFT Investments as “an innovative NFT-focused gaming company at the forefront of the exciting new NFT-gaming genre”, was taken over by Pioneer Media Holdings in a deal valuing Kodoku at C$8.85mln.
NFT, which specialises in investments in the non-fungible token (NFT) sector, acquired the stake at a cost of £500,000. Pioneer is dishing out C$850,000 in cash and 8mln Pioneer shares on a pro-rata basis to Kodoku shareholders so the London-listed company will receive a quarter of that, leaving it with a 3% equity stake in Pioneer.
BFT’s stake in Pioneer is currently valued at around £2mln. Combined with the C$212,500 (roughly £125,000) in cash it received from Pioneer it made a profit of around 325% from its investment.
"We are moving at high-speed to support the growth of a range of innovative businesses that are positioned to benefit from the long-term growth of the NFT market, said Jonathan Bixby, the executive chairman of NFT Investments. "This is also providing NFT with the opportunity to generate excellent returns on its investments as shown by the takeover of Kodoku. I look forward to supporting Kodoku's growth in order to build further value in the business over the long term,”