Phoenix Digital Assets (PNIX on Aquis Exchange) 3.6p
BTC, ETH and SOL trading at large discount to NAV/share, with tender offer catalyst
Description
Investment company structure listed on Aquis Exchange (not LSE). Changed its name from initial “NFT Investments Plc”, which was originally launched in 2021 as a vehicle to invest in NFTs (but stick with us!). The company’s management have a debatable track record at retaining value created, but this company now seems to present an interesting means of buying BTC, ETH and SOL at large discounts to market price. Back in Nov 2022 the company pivoted its strategy from NFTs to buying and holding the three current major crypto assets (which are in descending order BTC, ETH and SOL), with the strategy pivot seemingly catalysed by the very low prices on offer following the FTX blow-up. Their timing on those trades now seems to have been great. Unlike the newly listed Bitcoin ETFs, shares of PNIX seem to be available in many UK based accounts, including many ISAs, depending on the provider. The remaining section will deal with the NAV calculation theory, the catalyst upcoming, as well as some specific risk factors we have identified.