TIDMPIRI
Pires Investments PLC
22 December 2021
22 December 2021
Pires Investments plc
("Pires" or the "Company")
Update on investment in Pluto Digital Assets plc
Pires Investments plc (AIM: PIRI), the investment company
focused on next generation technology, notes an update made by its
investee company, Pluto Digital Assets plc ("Pluto"), a technology
company that is operating in the exciting digital assets sector. A
summary of an update that has recently been provided by Pluto to
its shareholders is provided below.
Further details of the Pluto shareholder update can be found at
https://plutodigital.medium.com/pluto-enters-the-play-to-earn-crypto-games-market-37e5b8885529
.
Metaverse acquisition and joint venture
Pluto has recently acquired a strategic holding in a leading
UK-based computer gaming software studio which marks its entrance
into the Play2Earn ("P2E") market. P2E refers to the concept of
gaming in which a platform provides its players with a chance to
earn a form of in-game assets that can be transferred to the real
world as a valuable resource. P2E has become an exciting area of
cryptocurrency, with the initial P2E games securing substantial
token market capitalisations, such as Axie Infinity (market cap of
$6 billion) and Gala Games (market cap of $3 billion).
In addition to acquiring this strategic holding, Pluto and the
computer gaming studio are in the process of forming a joint
venture to launch a suite of blockchain-enabled games. This
investment and joint venture, further details of which are expected
to be announced in early January 2022, have already progressed the
concept development of new portfolio of games and will focus on
high quality gamer experiences, with the added benefit of providing
the gamers with the ability to acquire and monetise game assets.
During 2022, Pluto expects to launch Non-fungible Tokens ("NFTs")
and tokens that will secure funding for the development of these
games without requiring additional equity capital.
Pluto Ventures
During the year, the Pluto Ventures division invested circa $5
million across 90 different early-stage digital ventures comprising
different verticals, including Decentralised Finance ("Defi"), NFTs
and P2E gaming.
The first quarter of 2021 was dominated by Defi and NFT-related
technologies, with P2E becoming much more prominent during Q2 2021
and remaining a key area of focus throughout the rest of the year.
Pluto noted that the value of its investments in listed tokens has
increased significantly and it has also sought to de-risk positions
during times of relative strength during the year. Approximately
one third of its listed tokens portfolio derives from P2E gaming
and Gaming Guilds and these tokens have performed exceptionally
well in 2021.
Pluto's portfolio of NFTs has also performed strongly,
particularly the projects acquired during Q2 2021. More generally,
activity in and the prominence of the NFT sector has increased
markedly, partly through partnerships, which include companies such
as XCAD Network and Good Games.
YOP
As announced by the Company on 1 October 2021, Pluto acquired
the assets of the innovative DeFi project, Yield Optimisation
Platform ("YOP"). Since its acquisition, the Pluto Labs product
team has grown significantly. Pluto has also released a roadmap for
the next 12 months for YOP, and the company has been working on a
YOP whitepaper which outlines its plans for the updated YOP
ecosystem across multiple protocols and blockchains. In addition,
the company has progressed both the revised Tokenomics, with a
focus on the long-term sustainability of the protocol, and the
redesign of YOP website, which it intends to launch in January
2022. Pluto also expects to privately release its platform to YOP
NFT token holders in February 2022.
Pires holds 32,518,876 shares in Pluto which are carried at a
valuation of 6p per share based on the company's last funding
round, notwithstanding the progress being made by the company since
that date. Pires also holds warrants over 24 million new ordinary
shares in Pluto, subject to certain vesting conditions, which are
not included in the carrying value of this investment.
Nicholas Lee, Director of Pires commented:
"We are pleased to note the continued progress made by Pluto.
Through its strategic shareholding and joint venture with a leading
UK-based computer gaming software studio, the company is now
entering the rapidly developing and exciting P2E market, where it
intends to release a suite of blockchain-enabled games.
Pluto's Ventures division has also seen the value of its listed
tokens increase significantly with a strong performance across its
portfolio of NFTs, at a time when NFTs continue to gain mainstream
attention. Further developments outlined for YOP also position the
company well for 2022.
We are confident that our investment in Pluto will continue to
grow in value as the company implements its growth strategy."
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Joint Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Joint Broker Tel: +44 (0) 20 3167 7221
Tennyson Securities
Peter Krens
Financial media and PR Tel: +44 (0) 20 3004 9512
Yellow Jersey
Sarah Hollins
Henry Wilkinson
Annabelle Wills
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company
providing investors with access to a portfolio of next generation
technology businesses with significant growth potential.
The Company is building an investment portfolio of high-tech
businesses across areas such as Artificial Intelligence, Internet
of Things, Cyber Security, Machine Learning, Immersive Technologies
and Big Data, which the Board believes demonstrate evidence of
traction and the potential for exponential growth, due to
increasing global demand for development in these sectors.
For further information, visit:
https://piresinvestments.com/
About Pluto Digital Assets plc
Pluto Digital PLC (Pluto) is a crypto technology and operations
company whose goal is to bring Decentralised Finance (DeFi) and
Metaverse (blockchain gaming and NFTs) to the global economy. Pluto
is making DeFi available to everyone through products and services
created by Pluto's software development Labs division, new yield
farming strategies through Pluto's Yield division and collaborating
with emerging DeFi projects and the NFT metaverse through Pluto's
Ventures division.
Further information on Pluto can be found at
https://plutodigitalassets.com .
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