Phoenix Digital - 2024 Q1 Crypto Holdings Trading Update
02/04/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240402:nRSB8988Ia&default-theme=true
RNS Number : 8988I Phoenix Digital Assets PLC 02 April 2024
Press Release
2 April 2024
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
Phoenix Digital Assets PLC
("Phoenix" or "the Company")
2024 Q1 Crypto Holdings Trading Update
Phoenix (AQSE: PNIX), an investment firm, announced on 20 March 2023 its
intention to publish Quarterly Trading Updates in advance of the liquidation
of its Crypto holdings and to return value to its shareholders by way of a
tender offer for its shares following the next BTC halving (expected during
April 2024).
In its circular dated 11 April 2023, the Company also stated that the price at
which the Company might purchase its ordinary shares would not be less than
the nominal value of an ordinary share and would be not more than the greater
of 3.5p (being the net asset value of the Company per share as at 6 April
2023) and an amount equal to the net asset value of the Company per share as
announced by the Company on a Regulatory Information Service from time to
time. The directors of NFT have resolved that the price at which the
Company will purchase its ordinary shares will be an amount equal to the net
asset value of the Company per share as announced by the Company on a
Regulatory Information Service from time to time. The Company will proceed
with the tender offer following the Bitcoin halving (currently anticipated to
take place in April 2024) and before the end of 2024.
Crypto Holdings March 2024 Quarter Update
The Company has unaudited Crypto and Stablecoin assets with a valuation
of £71.4million (7.07p per share) as at 31 March 2024. The major
components of this are as follows:
Token
Quantity Valuation (£m)
Bitcoin BTC 508 28.3
Ethereum ETH 8,814 25.4
Solana SOL 86,396 13.4
Optimism OP 732,899 2.1
Cosmos ATOM 57,902 0.6
Near Protocol NEAR 225,362 1.3
Iron Fish IRON 60,938 0.1
Stablecoins USDT/USDC 203,220 0.2
Total Company NAV March 2024 Quarter Update
The Company has unaudited Crypto, Stablecoin, Cash and Equity Investments with
a valuation of £74.5m (7.38p per share) as at 31 March 2024. The components
are as follows:
Crypto and Stablecoins £71.4m
Cash £0.1m
Equity Investments £3.0m
Due to the success of the Company's investment policies the Company is
carrying significant unrealised profits in its Crypto holdings and these will
be realised during the share buy back. Doing so crystallises a taxation
liability. The size of this taxation liability will depend on the size of the
buy back which has not yet been determined. However, the Company can advise
that it anticipates the taxation impact to be in the range of 0.7p to 1.1p per
share.
The Company's current share price of 3.65p represents a 48% discount to its
current unaudited Crypto & Stablecoin valuation, a 51% discount to its
current unaudited Total NAV and 42-45% discount to its current unaudited Total
NAV net of expected tax charge.
The Directors of Phoenix Digital Assets PLC take responsibility for this
announcement.
This announcement may contain "forward-looking" statements and information
relating to the Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information currently available
to Company management. The Company does not undertake to update
forward‐looking statements or forward‐looking information, except as
required by law.
For further information please contact:
Phoenix Digital Assets
Jonathan Bixby +44 7876 888 011
Executive Chairman
First Sentinel
Corporate Adviser +44 7858 888 007
Brian Stockbridge
Tennyson Securities
Corporate Broker +44 207 186 9030
Peter Krens
About Phoenix:
Phoenix Digital Assets PLC invests in a diversified portfolio of
cryptocurrency, and/or in companies or funds which have exposure to NFT or
blockchain technology. The Company's leadership team have an extensive track
record in the cryptocurrency sector and previously founded Argo Blockchain
PLC, a global crypto miner. Phoenix is headquartered in London, UK and its
shares are listed on the Aquis Stock Exchange Growth Market under the ticker
symbol PNIX. https://www.getphoenix.co.uk (https://www.getphoenix.co.uk)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NEXBCGDSSGGDGSB