NFT Investments, an incubator specialising in non-fungible tokens has announced the acquisition of Pluto Digital Assets, a crypto venture capital and tech firm, for $129 Million. The company will purchase all of Pluto’s issued capital by issuing 2.4 billion new ordinary NFT shares at 4 pence each. The deal, which is subject to shareholder approval, is the company’s largest since its IPO in 2021. Because Pluto Ventures has previously invested extensively in NFTs and gaming, it will develop a big worldwide metaverse corporation and increase NFT Investment’s footprint in the market.
NFT Investments’ executive team previously launched Argo Blockchain, a worldwide crypto miner, and is based in London. It owns a 20% share in NFT Studios, which is producing A Wing and a Prayer, the first-ever Hollywood film to be funded by NFTs, in collaboration with Hollywood producer Niels Juul. Pluto invests in, incubates, and advises digital asset startups based on decentralised technologies, decentralised finance and blockchain networks like Ethereum and Polkadot.
Pluto and NFT merging to create a large global metaverse company is a transformational deal that will provide us with the scale to expand and diversify our investment portfolio in a rapidly growing sector and thus create long-term value for shareholders, said Jonathan Bixby, Chairman of NFT Investments. NFT will now have 90 days to complete its due diligence on Pluto. Following the signing of the Letter of Intent, NFT will provide Pluto with a loan of $6.7 million. If Pluto cancels the contract, the debt will be repaid in 30 days, but if NFT cancels, the loan will be repaid in 90 days.
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