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NFT Investments PLC shares were up on Wednesday, after it said it has swung to an interim profit.
NFT Investments invests in cryptocurrency and in companies or funds that have exposure to non-fungible tokens or blockchain technology. Its shares were up 4.7% to 1.675 pence each in London on Wednesday morning.
In the first half of 2023, the company posted no revenue, unchanged year-on-year.
It swung to a pretax profit of £8.7 million, versus a loss of £4.2 million a year ago.
NFT Investments took a £318,593 hit from fair valuation movements in investments, compared to a £96,875 gain. However, it took a £10.1 million gain from valuation movements in digital assets and tokens, improving from a £4.1 million hit in the first half of 2021.
It reaffirmed plans to return value to its shareholders by way of a tender offer for its shares following the next bitcoin halving, expected around April 2024. Bitcoin halving refers to when the reward for mining the cryptocurrency is lowered.
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