Pires says Pluto Digital has made ‘substantial progress’ since its inception
(PIRI ) said its investee company, Pluto Digital, has made “substantial progress in the DeFi, Metaverse and NFT sectors since its inception around a year ago.
The technology-focused investment company holds 32,518,876 shares in Pluto, a crypto technology and operations company whose goal is to integrate the decentralised finance (DeFi) and metaverse (blockchain gaming and NFTs) sectors into the global economy.
Since March 2021, when Pluto Digital raised a total consideration of £31 million in new funds, Pluto has grown its net assets by around £30 million on a net basis. Therefore, as at 30 September 2021, the group’s net assets amounted to £61 million or 9.5 pence per share.
In the year to 30 September 2021, Pluto continued to progress its business which includes working alongside Maze Theory, a London-based digital entertainment studio, to release ‘high quality games that incorporate token economics to empower the next generation of gamers.’
As part of this arrangement, Pluto is investing £4 million in Maze Theory and has formed a new gaming blockchain and metaverse studio, called Emergent Games, as a joint venture.
Since Pluto Digital acquired a mobile based DeFi platform known as the YOP platform in September 2021, it has been actively developing the platform to help enable users to operate in and navigate the DeFi space, which it says has been growing strongly. As at December 2021, the Total Value Locked in DeFi is believed to have been around US$275 billion.
Earlier this month, NFT Investments(“NFT”) announced that it was no longer proceeding with its proposed acquisition of Pluto Digital and as a result, Pluto is currently pursuing other alternatives to access public markets, which is most likely to focus on Canadian markets.
Commenting on the progress of the investee company, Nicholas Lee, Director of Pires, told investors: “Pluto has made substantial progress in the DeFi, Metaverse and NFT sectors since its inception around 12 months ago. The audited NAV per share figure represents a significant increase compared to the price of the most recent funding round, however, in terms of market valuation, companies similar to Pluto can often trade at a multiple of NAV. ”
He added: “It is important that Pluto makes its transition to the public markets in the optimum way and at the right time to maximise the creation of value for its investors and we, as one of the company’s original shareholders, are fully supportive of Pluto’s current approach.”
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