NFT Investments plc, a fund specialising in the market for digital assets, today announced it will change its name to Phoenix Digital Assets plc.
The relevant paperwork has been filed with Companies House, and the change of name will be effective once Companies House has issued a certificate of incorporation on change of name.
The change aligns the Company’s name with its strategic focus to become the premier large cap crypto currency fund in the UK. The Board of Directors believes that the Phoenix Digital Assets name better reflects the Company’s diverse range of crypto-assets and investments across the Company’s high performing fund.
The Company has unaudited Crypto, Stablecoin and private blockchain assets with a valuation of £47.1 million (4.67p per share) as at 31 December 2023. The fund’s strong management is reflected in effective decisions made such as the purchase of 549 Bitcoin (BTC) and 5,494 Ethereum (ETH) at a lower price in the period November 2022-January 2023, prior to the revival of cryptocurrency (these BTC and ETH were purchased at average prices of $16,999 and $1,262 respectively and as of 5 January 2024 the prices have risen to $44,000 and $2,250 respectively).
Additionally, the Company purchased 86,396 Solana (SOL) in August 2023 at $20.88 average, which as of 5 January 2024 stands at $99 per SOL.
The company will purchase up to 857m of its ordinary shares in a tender offer at an amount equal to the net asset value of the company per share as announced by the company on a Regulatory Information Service from time to time. The company will proceed with the tender offer following the Bitcoin halving (currently anticipated to take place in April 2024) and before the end of 2024.
Following the name change becoming effective, the Company’s ticker symbol, under which its shares are traded on the AQSE Growth Market, will be changed to “PNIX”, and a further announcement will be made; until such time, trading will continue under the “NFT” stock ticker.
