Pires Investments plc (AIM: PIRI) has provided an update on its investment in Pluto Digital Assets plc, a company that is operating in the digital assets sector. Pluto is a company that invests in, incubates and advises digital asset projects and DeFI and networks such as Ethereum and Polkadot.
Pires reporst that since Pluto’s recent equity funding, that raised in excess of £20 million, the company continues to make progress. It is now involved with a further nine digital asset projects and is also in discussions with several other early-stage decentralised technology projects; some of which the company expects to be signed in the coming weeks.
In particular, Pluto recently participated in the latest project by crypto exchange FTX, Oxygen Protocol (OXY), a decentralised finance Prime Brokerage Protocol. The new OXY token created as part of this project has recently listed. Pluto holds 2,000,000 OXY tokens, acquired at a price of US$0.10 per token. Pires notes that currently, OXY tokens are trading at around USD $3 per token.
YOP, one of Pluto’s other projects, has announced the addition of non-fungible tokens (NFTs) to its launchpad aggregator. This will also allow YOP holders to gain access to new token projects. Furthermore, YOP NFTs can now be purchased on the secondary market or farmed by staking YOP tokens. This demonstrates the continuing innovation of decentralised technology and new ways of using digital assets.
As announced earlier in March, Pires holds 32,518,876 shares in Pluto which, prior to Argo Blockchain plc’s further investment of circa £7 million, represented a circa 6.4% shareholding in Pluto. In addition, Pires has warrants over 24 million new ordinary shares in Pluto.
Peter Redmond, Chairman of Pires, said they were pleased to note Pluto’s progress.
“Pluto is extremely well-positioned to capture early-stage opportunities within the decentralised technology sector, which is growing rapidly. We look forward to updating the market on Pluto’s growth and the developments relating to its pipeline of projects in due course.”
Since the beginning of 2021, shares in Pires have risen over 2X. Pires holds a market capitalization of around $23 million.