Greenpro Capital Corp. (GRNQ) stock prices ended the April 22nd, 2021 trading day at the same price they started, USD$1.95. Subsequent market fluctuations, however, saw the price per share drop by a marginal 4.10% to USD$1.87.
Acquisition of Sputnik NFT
The company made an announcement on April 22nd, 2021 in regard to the acquisition of a series of NFTs. The collection comprises limited edition and exclusive depictions of the 1957 Sputnik satellite launch. With a current valuation of 1 ETH each, GRNQ paid USD$16 million for the collection of 7,700 NFTs. The payment was comprised of 4.32 million GRNQ restricted shares as well as 1 million MFAI shares owned by GRNQ, having been issued in May of 2020 following its sale of 4% of the Millennium Sapphire.
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Millennium Fine Art Inc. (MFAI) is the NFT studio business that sold GRNQ the animated Sputnik NFT series. MFAI retains ownership of the Millennium Sapphire and houses prominent artists that make use of animation studios. The NFT producer and fine art trading business plans to conduct a Security Token Offering (STO) in late May 2021.
Investment Agreement with Innovest
On February 11th, 2021, GRNQ announced that it had signed an investment agreement with Innovest Energy Fund for a total price-tag of USD$7,206,000, to be paid with the issuance of 3 million GRNQ restricted shares. With Innovest developing a range of products and services for the cryptocurrency sector, Greenpro’s strategic investment signals the company’s confidence in the future of the cryptocurrency industry and economy.
The top level structure of the fund will serve as an investment platform that will facilitate the servicing of the institutional facet of the crypto sector. With cryptocurrency regulations growing at a pace that matches the growth of the crypto industry itself, Innovest hopes to engage in companies that deal with cryptocurrency investments, trades and banking licenses across the nation. Given the strength and relevance of its business strategies, Innovest will be responsible for managing GRNQ’s recently announced USD$100 million Bitcoin fund.
Future of GRNQ Tied to Blockchain
With the NFT and cryptocurrency sectors being perhaps the most explosive industries in recent history, blockchain technology and its applications continue to take the world by storm. Greenpro has confidence in and high hopes for the future of NFTs despite it being such an up-and-coming technology. This gives it the advantage of entering the market while many are still concerned with the sustainability of the sector’s boom. While this means taking on significant risk, the returns that will result from Greenpro’s confidence and, therefore, involvement in the sector could result in monumental gains in shareholder value.