- NFT Investments is listed on London’s Aquis Exchange, but is suspending trading until the deal is completed
- Pluto is a crypto technology and venture capital firm that has made investments in over 30 companies, including Web3 and NFT projects
In a push into the metaverse, an NFT project incubator plans to merge with a crypto venture firm.
NFT Investment is set to acquire Pluto Digital for about $129 million, or £96 million, the company said in a statement Monday.
Pending due diligence, the acquisition will result in a reverse takeover of NFT Investments by Pluto.
“The acquisition, which is conditional on shareholder approval, will create a significant global metaverse company and advance NFT’s investments in the non-fungible tokens sector as the Pluto Ventures division has invested heavily in NFTs and NFT gaming,” the company said.
Pluto shareholders are set to own 70.5% of the enlarged business. Three undisclosed Pluto team members will join as directors and serial entrepreneur Jonathan Bixby will remain as executive chairman.
“This is a transformational deal that will provide us with the scale to expand and diversify our investment portfolio in a rapidly growing sector and thereby create long term value for shareholders,” Bixby said.
NFT Investments declined to provide additional comment when requested by Blockworks on Monday. Pluto did not immediately respond to requests for comment.
NFT Investments is an incubator specializing in non-fungible tokens and related investments — as well as other cryptocurrency plays. It’s listed on London-based Aquis Exchange, but is suspending trading until the deal is completed.
Pluto is a crypto technology and venture capital firm that has made investments in over 30 companies in the crypto and decentralized finance ecosystem including Web3 projects, NFTs and NFT gaming.
Overall, last year was busy for both companies as the crypto industry boomed.
Venture capitalists, meanwhile, poured $33 billion into crypto companies in 2021, according to a report by Galaxy Digital. Companies that focused on digital asset trading or Web3 raised the most capital overall, the report found.
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