Quantum Blockchain Technologies to cash-out of remaining Forcrowd stake

Quantum Blockchain Technologies PLC (AIM:QBT, FRA:BYA1) told investors that it is selling its remaining stake in Forcrowd for €155,000, completing its exit from the Italian fintech and crowdfunding platform.

The AIM-listed, Bitcoin mining optimisation and AI-tool company, said the transaction covers its full residual 23.39% holding, following Forcrowd’s completion this week of a €400,000 capital increase.

QBT will sell a 5.47% interest under a previously agreed option arrangement for €25,000, with the remaining 17.92% being sold for €130,000.

The buyers are a group of Italian investors with experience in financial services, investment management and corporate finance, together with an existing Forcrowd shareholder.

Executive chairman and chief executive Francesco Gardin said the transaction “brings additional cash resources to QBT” and allows the company to “further focus on the execution of its strategic objectives”.

Gardin will also step down as Forcrowd chairman on completion, ending QBT’s governance involvement in the business, which began with its initial investment in October 2019.