Bitcoin mining executives to float new NFT investment firm in London

Quick Take

  • Executives of listed bitcoin mining firm Argo Blockchain now plan to list their new NFT investment firm in London.
  • NFT Investments intends to raise 10 million pounds (around $14 million) via IPO.

Executives of publicly-traded bitcoin mining firm Argo Blockchain are now betting on non-fungible tokens (NFTs) with their new NFT investment firm.

The firm, NFT Investments PLC, was incorporated on March 3 by Argo co-founders Jonathan Bixby and Mike Edwards, and it now looks to go public in London.

NFT Investments plans to float 200 million ordinary shares on the niche Aquis Stock Exchange Global Market (AQSE) and raise around 10 million pounds (about $14 million).

The firm said the initial public offering (IPO) would value it at 25 million pounds (around $34.5 million) and make it the first NFT investment firm to go public.

"I am incredibly excited to be leading the world's first pure play NFT vehicle to list on a public market," said Bixby, executive chairman of NFT Investments. "Just like when our team brought Argo Blockchain to the London market, we have a vision of creating an on ramp from fiat into this exciting new space."

NFT Investments would specifically invest in NFTs and in companies or funds that have exposure to NFTs and blockchain technology. NFTs are digital certificates tied to unique art pieces. They have grown significantly in popularity in recent months.

The NFT Investments team believes that the NFT market will continue to grow over the long term, with NFTs becoming a "key underlying asset for the whole virtual economy."

"We truly believe that NFTs will form the backbone of the digital collectables markets and owning the best individual assets and underlying rights can create immense value for our shareholders," said Bixby.

The firm's advisors include Argo CEO Peter Wall and its COO Sebastian Chalus, among other crypto and fintech executives. NFT Investments' board expects to develop its business "substantially within 12 months of admission to AQSE."

"Net proceeds of the IPO will be used to identify and carry out due diligence on potential investments and to provide working capital for the Company's initial operations in line with its acquisition and investment strategy," said NFT Investments.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Sep 24, 2021, 9:17PM UTC