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Argo Blockchain Takes 25% Stake in $40M Crypto VC Fund

The publicly listed bitcoin mining firm is investing $10 million in Pluto Digital Assets' new fund.

Updated Dec 10, 2022, 3:12 p.m. Published Mar 12, 2021, 6:00 a.m.

Crypto venture capital firm Pluto Digital Assets has raised a $40 million fund with U.K.-listed Argo Blockchain (LON: ARB) as its lead investor.

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In an announcement Wednesday, Pluto said it now has $50 million in assets under management after launching earlier this year. Argo Blockchain will be maintaining a 25% stake in the new fund with an investment of $10 million.
Pluto's fundraising effort was and joined by two other publicly traded firms: Pires Investments Plc (LON: PIRI) and Riverfort Global Opportunities Plc (LON: RGO).
Pluto will use the funds for "incubating projects, taking equity positions and holding strategic and treasury positions in digital assets," the firm said in a press release.
According to Pluto's websitehttps://plutodigitalassets.com/portfolio/, the London-based firm holds positions in BTC, ETH, AAVE, DOT, KSM and LINK, along with a number of startup investments.

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Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
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Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.