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(Alliance News) - NFT Investments PLC, a company formed by the founders of Argo Blockchain PLC to invest in non-fungible tokens, on Wednesday said it doubled the size of its initial public offering to GBP20 million because of strong demand.
The investment company is now targeting a valuation at GBP35 million, up from GBP25 million when it announced the IPO on April 1. It will sell 400.0 million shares for 5 pence each, and expects to start trading on the Aquis Stock Exchange on April 19.
NFT Investments was started by Jonathan Bixby and Mike Edwards, the founders of Argo Blockchain. Shares in Argo Blockchain, a cryptocurrency miner listed on the London Stock Exchange, have multiplied this year as Bitcoin boomed. On Wednesday, the company reported mining revenue of GBP13.4 million in the first quarter of this year
Bixby and Edwards also founded Guild Esports PLC, which runs esports teams, and Cellular Goods PLC, which makes cannabinoid products.
Non-fungible tokens are virtual assets that certify ownership of digital goods. Last month, an NFT for a work of digital art sold for USD69.3 million.
"We are very encouraged by the strong interest from a wide range of investors who clearly wish to gain early exposure to the fast-growing market for NFTs, which we believe offers a considerable long term growth opportunity, just as the cryptocurrency sector has so far," NFT Investments Executive Chair Jonathan Bixby said.
By Ivan Edwards; ivanedwards@alliancenews.com
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